Another high profile Melbourne dealership hits the market

Hot on the $32.6m sale of the Chadstone Ford/Hyundai site in Oakleigh, co-agents Burgess Rawson and CBRE are seeking expressions of interest for the Etheridge Ford site in Melbourne’s eastern suburb of Ringwood.

Burgess Rawson partner Billy Holderhead says that the 14,084sqm property presents a ‘Golden Mile’ landbank opportunity.

“It is rare for a site of this size and calibre to hit the market,” Holderhead says.

“Strategically, the dealership is in the heart of the automotive precinct in Melbourne’s east with high profile exposure to Maroondah Highway. Etheridge Ford is the only Ford dealer in the Maroondah Highway-Whitehorse Road growth corridor,” he says.

CBRE associate director Nathan Mufale says that interest is anticipated locally, as well as overseas.

“Interest in high performing car dealerships is certainly strong, so all eyes will be on Ford Ringwood as a hugely successful, family owned and operated business, trading strongly for more than 30 years,” Mufale says.

The property includes a Commercial 2 zoning, with low 25% site coverage.

“The dealership has a renewed 7-year lease with no further options, so the opportunity for future expansion or redevelopment is very tangible,” Holderhead says.

“There are several development precedents located within the Ringwood auto precinct, providing positive implications for future development in the area. As the land size is considerable and the zoning is flexible, it really opens the door to a wide range of development options,”  he says.

“It is a fast changing landscape in Ringwood,” Mufale says. “Population is forecast to grow by 34% in the next 20 years and there is a concentrated level of development planned or in progress including high-density residential development, such as Eastco and Eastland expansion.

“Eastland Shopping Centre, Ringwood Square Shopping Centre, and Eastlink Freeway are all within 3.4 kilometres,” he says.

The property comprises a showroom, offices, mezzanine, workshop, retail front and reception canopy. Annual net income is $755,478 per annum.

Etheridge Ford Ringwood is for sale by expressions of interest closing at 3pm AEDT on Friday 26 November 2021.