A high profile Audi dealership site in Sydney has been placed on the market for an anticipated $20 million, giving investors a long lease from an ASX-listed company and yields of almost $1 million a year. The Audi Sutherland Commercial Centre, at 668-672 Old Princes Highway in Sutherland in Sydney’s south, comprises the Audi dealership operated by Autosports Group Ltd and three levels of long-standing commercial tenants. Agent Geoff Sinclair of Burgess Rawson said the property was unique as it was fully occupied and was in an area that was surrounded by residential properties and had no rival commercial tenancies. It was also a building with retail and commercial applications and had an expansive 2569 square metres of lettable area and 62 on-site and basement car spaces. Mr Sinclair said the building had extensive capital improvements that offered investors depreciation benefits. It’s quite rare for a property of this size and with the quality of tenants to come onto the market,’ he told GoAutoNews Premium.

“The other tenants include national and local professional businesses that have been tenants in the building for an average of nine years.’

Mr Sinclair said the building on 1815 square metres is in a prominent position on the highway with exposure to more than 42,000 passing vehicles each day. It was 850 metres from a train station. Autosports has occupied 49 per cent of the building for the past 15 years and has recently signed a five-year lease extension. Mr Sinclair said net income was $947,345 a year, plus GST, and had CPI fixed 2 per cent and 3 per cent annual rent reviews. The building is the subject to expressions of interest and further details are available from the exclusive agents Burgess Rawson.

Neil Dowling, Go Auto News