Country motor king Peter Terry’s property sale in central-west NSW could net $80 million
“The others are almost all gone because when Holden pulled out we ended up with three vacant sites which was a bit of a challenge,” Mr Terry said.
“Over the past few years we’ve just sold them down.”
Rent on the five sites – two in Bathurst, two in Dubbo and one in Orange – is $4.6 million a year with a weighted average lease expiry of around seven years.
All the properties are secured by leases to Autopact, one of Australia’s largest private dealership groups with 2021 turnover of $1.3 billion across 33 brands.
Selling agents Next Commercial and Blowes Real Estate are targeting fund managers and high net worth individuals.
“Our whole goal is to take the five assets to market in one line,” said Anthony Bray from Next Commercial.
“This is the first of its kind, where there’s been a portfolio of rural assets of similar stature.
“They are in that central tablelands district – Bathurst, Orange and through to Dubbo – and are key to that growth corridor which has had an enormous uplift since COVID.”
Mr Bray said there has been a good early response with the development potential of the sites a major drawcard.
“We’re already engaging with private smaller unlisted funds,” he said.
“They’re not just car yards – each of these assets could be repurposed very, very easily because of their locations.”
For Mr Terry, the decision to sell has been driven by a combination of commercial and personal factors.
“Why now? I suppose it’s the typical car dealer thing, it seems like a good time. For us, it would suit. We could be debt free, have a real retirement, I suppose. ”