The long-held Ringwood Mazda dealership site in Melbourne’s eastern suburbs has sold for $15 million.
The 8,878sqm landholding and showroom at 391 Maroondah Highway, Ringwood, has been owned by the Coopersmith Group since a $400,000 auction purchase in October 1981.
Sold to the operators of Ringwood Mazda, the deal represents a yield of 4.33%.
“Over the course of four decades, Coopersmith Group has built a landmark, and growing hub of car dealerships in Melbourne’s east,” said David Aiello, Senior Director at CBRE.
Ringwood Mazda is one of the largest Mazda dealerships in Australia. The site forms a key part of Ringwood’s automotive ‘Golden Mile’.
Coopersmith Group and its partners control approximately seven hectares of land on the prime highway strip, with its Nissan, Volkswagen and Ford dealerships.
Construction is also underway on a new, multi-level BMW showroom to be run by the ASX-listed Autosports Group.
Under Coopersmith Group’s ownership, 391-397 Maroondah Highway has also been home to various garden and nursery tenants, and prior to its purchase was held by Patterson Cheney Holden as a vacant paddock in the 1970s.
Source: CBRE Australia