Luxury car dealer and property investor Nick Theodossi has teamed up with renowned developer Ross Pelligra in purchasing Inchcape Australia’s flagship Subaru dealership property at Port Melbourne, in a $50 million off-market deal brokered by Melbourne based agency Dawkins Occhiuto.
The partners will initially look at either partially occupying or leasing the significant existing improvements, whilst unlocking the development potential from vacant/car parking space of circa 4700 square metres at the rear of the 9000 square metre Subaru building on the 99 Lorimer Street site.
"We will consider occupying part of the site, or look to capitalise on strong demand from a number of automotive brands seeking premises in the city fringe which is becoming increasingly more difficult to find. We will remain flexible to achieve the best outcome,’’ Mr Theodossi said.
"We are looking to create an innovative project around live, work and play and aligning ourselves with the Government’s vision of delivering a sustainable and eco-friendly precinct that will provide jobs and accommodation for generations to come,’’ Mr Pelligra said.
The 1.8-hectare site benefits from additional frontages to both Hartley and Boundary streets as well as Capital City zoning which allows for multi storey residential outcomes.
Dawkins Occhiuto Director, Walter Occhiuto, described the deal as one of the most important sales in Fishermans Bend in several years.
"This is without doubt one of the most astute and significant transactions in this precinct in a number of years".
The property is a generational asset given its scale, profile and its proximity to the Melbourne CBD which is under 1.5kms away.
"It offers substantial modern improvements whilst having the potential to develop or reposition at the same time, providing outstanding flexibility going forward,’’ Mr Occhiuto said.
Dawkins Occhiuto Director, Andrew Dawkins, said Inchcape’s decision to offload the property enabled it to forge ahead with future alternate dealership plans.
"Clearly Inchcape has taken advantage of strong market conditions whilst the purchaser can unlock the site’s future development potential. It’s a win win,’’ Mr Dawkins said.
London based Inchcape, the world’s largest independent automotive retailer with operations in nearly 30 countries, purchased the property in 2000 and developed it as Subaru’s Melbourne headquarters for the import and distribution of the Japanese brand.