Ballarat investor snaps up Peter Stevens site for $8.7 million
An $8.7 million sale of land on a highly-visible corner shows continued commercial interest remains strong in major Ballarat thoroughfares, agents say.
The land attached to the Peter Stevens Auto Dealerships at the corner of Creswick Road and Howitt Street was snapped up at auction by a Chinese-born, Ballarat investor this week.
Burgess Rawson’s Raoul and Billy Holderhead teamed up with the Ballarat-based Colliers International’s David Wright and Andrew Lewis to sell the 7.4 hectare site and 4561 sqm showroom as part of a portfolio auction event at Crown Casino on Wednesday.
The lease on the property has just been renewed for 10 years with a 10-year extended option.
Mr Wright said a person with a working knowledge of Ballarat geography would know what a high profile corner it was.
“The sale of the property showcases once again the interest in investing in regional Victoria,” Mr Wright said.
“It shows there is still interest from local and Melbourne buyers to invest money in quality real estate at attractive yields.”
Peter Stephens has operated in Ballarat since 1972. The showroom recently underwent a %5.1 million makeover.
The property has been sold as one of the highest profile sites in Ballarat with an estimated 31,400 vehicles passing the dealership daily.
Burgess Rawson director Raoul Holderhead said the property’s location was one of Ballarat’s best.
“It’s a prime Midland Highway site at one of Ballarat’s busiest intersections, opposite two service stations and close to the city’s ‘golden mile’ of retail,” Mr Holderhead said.
“With a longstanding and very successful tenant, it ticks every box from an investment perspective.”
Mr Wright said the sale shows the popularity of the corner which could net any future sale of the showgrounds a windfall.
“The showgrounds is a high-profile, prominent location and along the ever-popular Howitt Street.
“Those that know Ballarat and its geography know it’s a prime real estate location for any buyer.”
Published in the Courier