The landmark High Street home of the Preston Toyota dealership is being offered for sale on behalf of McMillan Property Group for the first time in over 50 years. The CBRE Melbourne team of Nathan Mufale, David Minty and JJ Heng are marketing 687 High Street, Preston for sale. 

Operating as Preston Toyota, the offering is being sold with a lease to ASX-listed Eagers Automotive Limited, returning a net income of $1,082,345 per annum.

Founded in 1913, Eagers Automotive Limited is one of the leading automotive retail groups in Australia and New Zealand, with a history spanning more 100 years. The group’s sales revenue increased from $500 million in 2000 to $8.7 billion in 2020.

“Rarely do landmark offerings with the size and scale of Preston Toyota come to market. We’re anticipating strong buyer interest in the site, driven by the property’s blue chip ASX- listed covenant, bankable landholding and long-term future upside,” Mr Mufale said.

“Income producing assets underpinned by quality covenants with good lease tenure are highly sought after by opportunity-starved domestic, interstate and international investors and land bankers at present,” Mr Mufale continued.

The Preston dealership comprises a car sales showroom (new & used), spare parts showroom/store, service centre, body & paint shop, carwash and significant hardstand.

Occupying a strategic corner landholding of approximately 14,815sqm* across multiple titles, the site benefits from a circa 103 metre* frontage to High Street and 99 metre* frontage to Regent Street as well as three access points.

The landmark site also benefits from a highly favourable Priority Development Zone (PDZ), which provides the opportunity for an intensive form of development and a range of alternative uses.

“There’s a strong track record of development success in the area, which is expected to underpin significant interest in the site from investors, developers and land bankers, all of whom can benefit from the property’s underlying attributes,” Mr Minty said.

“As a result of the highly favourable zoning, we’re anticipating competition between a diverse range of major private and institutional development groups including residential, mixed use and build-to-rent developers.”

The location is well serviced by amenity, including the High Street retail strip and Preston Market to the south, Northland Shopping Centre to the east, various recreational reserves and a variety of primary, secondary and tertiary educational institutions.

Public transport is readily accessible in the form of tram services operating along Plenty Road and St Georges Road. Bus services operate along Murray Road and Bell Street to the south, while Regent Railway Station is within walking distance.

The Expressions of Interest process is due to close in September 2021. 

To request a copy of the Information Memorandum please contact one of the marketing agents CBRE Melbourne team of Nathan Mufale, David Minty and JJ Heng via the contact details below. 

015f3544-4de9-4fa4-834c-7a1673492a33.jpeg