Ex-Queensland premier Campbell Newman buys Tassie car yards
Former Queensland premier turned property investor and and one-time Tasmanian resident Campbell Newman has snapped up $16.4 million worth of AP Eagers-leased car dealership sites in Tasmania, under his investment capital firm Arcana Capital.
Arcana snapped up the properties located in Launceston and Devonport 30 minutes before Burgess Rawson’s scheduled portfolio auction in April which included seven car dealership sites in Tasmania. It has since settled the acquisitions of the properties.
The 7428-square-metre Launceston asset is at 170 Elizabeth Street and was purchased for $11.299 million on 7.75 per cent yield while the 12,660 sq m Devonport site on 1 Don Road sold for $5.1 million at an 8.61 per cent yield.
Mr Newman said the team had been eyeing Tasmania’s property opportunities for several months.
“Having grown up in Tasmania, I have always had a close eye on the state’s investment potential and I’m pleased to report this as Arcana Capital’s first venture into the Tasmanian market,” he said.
“Purchasing Launceston and Devonport means we have now facilitated the acquisition and management of a portfolio of commercial properties worth just over $100 million for our growing group of loyal investors.
Burgess Rawson’s Darren Beehag, who transacted the sales with colleague Billy Holderhead and joint agent Knight Frank, said there was unprecedented interest in the Tasmanian motor dealership investment portfolio ahead of auction.
“It is rare that such large, strategic sites leased to ASX-listed tenants are offered to the market, particularly of this volume,” Mr Beehag said.
“We experienced strong interest as high net worth individuals and investment groups were eager to secure these properties, given the appealing 10-year net leases that have seven years remaining and further option terms extending to 2041.”
Of the seven Tasmanian AP Eagers-tenanted motor dealership investments that were offered by auction, the sites at Glenorchy, Invermay and Derwent Park sold for a combined $15.25 million.
The Hobart CBD site was retained by the vendor and Burnie is available for private sale through Burgess Rawson.