RealCommercial reported on June 28 that two Porsche dealerships in Melbourne are preparing for sale, and the total sale price is expected to reach $50 million.
Listed properties include the Porsche Centre Brighton and the Porsche Centre Doncaster, with Brighton's dealership located in the "Automotive Golden Mile".
PM Group decided to sell the properties after handing over operations to the Australian subsidiary of US Fortune 500 company Penske Automotive Group earlier this year.
James Bergmuller, chairman of PM Group, said: "We are not engaged in real estate investment, we are focused on the automotive business. As we have withdrawn from our distribution business, these properties are no longer core assets for us. ”
Porsche Centre Doncaster (Image: RealCommercial)
Advise Transit executive director Mark Wizel, who will represent PM Group (formerly Preston Motors Group) in the sale, said the properties are expected to attract interest from both local and international investors.
PM Group还在Preston经营Ducati West Melbourne和高端汽车的经销业务。
Porsche Centre Brighton (Image source: RealCommercial)
Industry insiders point out that Penske had sent a private jet with their chairman and team to finalise the deal, showing great confidence in Melbourne's future, in stark contrast to the more negative views of local investors.
Stuart Taylor, senior director of retail investments at JLL, said the sale would find the first landlord for Porsche's dealership in Australia.
His colleague Tom Noonan added that such sales were very rare, with the most recent comparable luxury dealership deal being the $45 million BMW store in South Yarra in 2018.
Porsche Centre Brighton (Image source: RealCommercial)
Located at 855-859 Nepean Hwy, Brighton's Porsche Centre occupies 4,049 square meters and would have been more expensive if sold separately.
The store was refurbished in 2019 and currently generates $1.43 million in annual rental plus goods and services tax (GST) earnings.
The Porsche Centre at Doncaster is located at 839 Doncaster Rd and covers an area of 1,674 square metres. Rental and GST revenue is $1.31 million per annum. Both properties have signed 12-year leases with Penske Australia, with expressions of interest closing at 3pm on 25 July.
/*According to the 2021 Australian Census data, Chinese residents in Doncaster account for 36.6% of the total local population, ranking first in the local population. /