The site housing Audi Centre and Euromarque dealerships in Brisbane’s Foritude Valley has been sold for an eye-watering $91 million.
The CBD dealership fell just short of its anticipated $100 million figure and was bought by property developer and office management firm Dexus.
Lambhill, a Gregory Willims-owned private company, sold the Audi Centre which contains four floors and includes Bentley and Maserati in 12,000 square-metres of showroom.
Adjoining the Audi Centre is an independent used European-model dealership called Euromarque and servicing workshop Lighthouse which also make up the sold property.
Commercial real estate agents CBRE handled the marketing of the property which is expected to be redeveloped.
“The opportunity to acquire Audi Centre Brisbane and The Euro Marque complex signifies one of the most high profile investment opportunities to be offered for sale formally in Brisbane for some time,” agent Tom O’Driscoll told Urban Developer in August 2017 when the property went on sale.
The site is less the 2km from Brisbane CBD and has triple street frontage and over 7000 square-metres ideal for redevelopment.
Neighbouring Mercedes Benz Brisbane along Wickham Street was sold in 2015 to Hong Kong’s Lei Shing Hong for more than $40 million, with similar potential for a multi-tower, 700-apartment residential redevelopment.
