ASG agrees to acquire Fortitude Valley property
Autosports Group has entered into an agreement with Dexus to purchase the land and buildings at 586 Wickham Street and 10 Light Street, Fortitude Valley, Queensland- the home of Audi Centre Brisbane, Lamborghini Brisbane, Bentley Brisbane & Maserati Brisbane.The purchase price for the property is $98 million plus stamp duty. The acquisition of this property delivers on the Group’s property strategy of controlling strategically important retail sites, improving capacity to actively manage retail locations, utilising OEM financiers to preserve capital, improving balance sheet strength and gradually reducing occupancy costs.
The 7,793 sqm property is a purpose-built automotive dealership comprising showroom, service and parts facilities and provides operational synergies with several brands represented at this central Brisbane location.