SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD
SOLD

6,693sqm Trophy Auto Dealership Freehold Investment

24-26 Overton Road, Frankston VIC

Property Highlights

Recent $1 million* tenant upgrade
Significant 6,693sqm* landholding
Premium auto showroom precinct

Description

Burgess Rawson are pleased to offer the fully leased Skoda freehold investment located at 24-26 Overton Road & 35 New Street, Frankston VIC for sale via Expressions of Interest closing Tuesday 21 May 2024.

Investment highlights include:
+ Irreplaceable 6,693 sqm* corner landholding providing combined frontage of 115 metres* to Overton Road.
+ Strategic location within the premium automotive showroom precinct which includes Ford, Toyota, Kia, Hyundai, Nissan, Subaru, Mitsubishi plus many more.
+ Within 400m* Frankston Freeway and Frankston-Dandenong Road on and off ramps, seeing a combined 84,000 vehicles passing daily. (1)
+ Skoda: Major European brand owned by Volkswagen, operating in over 100 countries globally and 67 dealerships across Australia. (2)
+ Thriving industry: Skoda’s Australian car sales up 23% year-on-year. (3)
+ Five year lease to through to 2027 plus three further five year options through to 2042.
+ Strong and certain income growth with fixed annual, compounding 3% increases.
+ Recent $1 million showroom fit-out and upgrade carried out by the tenant to Skoda’s corporate layout and design.
+ Minimal management investment, investor friendly net lease, with tenant paying all usual outgoings.
+ Frankston: Major commercial, retail, education and transport hub servicing the Mornington Peninsula, with a growing population forecast to increase 40% by 2041. (4)
+ Frankston is the gateway to the Mornington Peninsula: Tourism up 55% year-on-year with total domestic tourists reaching 8.23 million people. (5)
+ Estimated Net Income: $323,873 pa* + GST.

Expressions of Interest
Closing 3pm (AEST) Tuesday 21 May 2024
For further information please contact the agents directly

*Approximately
(1) GapMaps
(2) Skoda Australia
(3) FCAI 22-23
(4) Forecast.id
(5) Mornington Peninsula Shire

Property Details

Listing
Sale
Current Tenant
Tenanted
Occupancy Type
Automotive
Land Size
6,693 SQM
Building Area
1,797 SQM

Contact Agents

Contact Me

Stay up to date with our latest portfolio auctions & insights