Black Group’s $26m property portfolio for sale

BLACK Group is divesting their Black Toyota assets located in the south regional Queensland after 32 years of ownership.

The five assets across Dalby, Oakey and Emerald are tenanted on long-term leases to ASX listed automotive group AP Eagers Limited and can be purchased separately, or in one line.

In 2014 AP Eagers Limited purchased the entire dealership group and continued to operate it under the Black Toyota brand.

Originally family owned, the group has grown to be one of Australia’s largest Toyota distributors and is now the largest supplier of commercial vehicles in rural Queensland.

The dealerships also provide servicing, financing, insurance and parts and accessories.

Dan Dwan and Simon Beirne of Colliers International are marketing the assets via an expression of interest campaign closing on May 29.

“All properties have substantial improvements with significant depreciation benefits and offer a sound investment option with annual net rents per asset ranging from $114,825 up to $598,217,” Mr Dwan said.

“Well renowned AP Eagers offers a strong covenant with seven plus year leases remaining on initial terms of lease with further options.

“Considering the nature of these investments we are expecting to field interest from private investors, SMSF, syndicators and property funds.”

Mr Beirne added: “These are strong performing dealerships that the Black family had operated for over 30 years”.

“Whether purchased individually or as a portfolio these sites provide an outstanding investment opportunity servicing the agriculture, manufacturing and resource industries in regional Queensland,” he said.