Motor dealership in Tweed Heads goes to auction
A prominent motor dealership in Tweed Heads town centre precinct is being offered at auction on June 14.
The 153 Wharf Street property offers a high-profile tenant in Sharp Motor Group that sells brands like Kia, Honda, Holden, HSV and Suzuki.
The listing agents are Steve Clark and Kyle Youngson of Colliers International.
Youngson said the property was developed in 2004 by Expo Park Properties linked to Warren von Bibra, who operated the dealership as von Bibra Twin Towns Auto Village, prior to Sharp Motor Group taking over the business in 2011.
Warren von Bibra is a well-known figure in car dealerships.
“It’s in the bustling heart of the Tweed Heads commercial and retail precinct,” Youngson said of the location.
The property is surrounded by the Tweed Mall, Tweed Heads Public Hospital and Twin Towns RSL Club.
Local and state government statistics showed over 26,000 cars use Wharf Street daily, added Clark.
He said population growth in Tweed Heads Shire was projected to grow from the 2017 forecast of 92,000 to over 125,000 in 2036.
“That’s a 36 per cent population increase just in the Tweed Shire alone,” he said.
“We expect strong interest given continued tightening yields in the southern markets and a strong appetite for automotive investments, especially with future development upside.”
Sharp Motor Group has taken on a new eight-year lease plus options. The property returns about $708,000 net pa after outgoings.
The property has about 3,919 sqm of building and sits on a 9,880 sqm parcel of land combining new and used sales showroom, offices, servicing workshop, vehicle display yard and rooftop parking area.
There is future development potential as well, due to the B4 Mixed Use zoning, which allows for a mixed use high-rise.
“That could translate into a mixed-use development with street-level retail and commercial outlets topped by residential development,” he said.
