James and Brett Frizelle scoop eye-watering sum in major property deal
Father-and-son James and Brett Frizelle have sold properties that housed their former Southport dealerships to newly listed Peter Warren Automotive Holdings for an eye-watering sum.
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FATHER-and-son James and Brett Frizelle have sold properties that housed their former Southport dealerships to newly listed Peter Warren Automotive Holdings for more than $80m.
Peter Warren Automotive is paying for the holdings with money from a public offering that raised $260 million.
The Frizelle properties front High, Nind, Bay and Rawlings streets and have been held through company JEF Legacy, owned jointly by James, 87, and Brett, 55.
They were assembled over more than 30 years and are home to dealerships selling marques that range from Hyundai to Mazda, Audi Volkswagen and Ferrari.
The Frizelles have spent millions of dollars in the past few years upgrading properties, including on new buildings to house the Audi, Mazda and Ferrari businesses.
Peter Warren Automotive, in its prospectus, said it would be paying approximately $82.3m for the Southport properties.
Four years ago Sydney’s Peter Warren group, owner of Southport’s Sunshine dealerships, and Quadrant Private Equity secured a controlling stake in the James Frizelle’s Automotive Group.
The Frizelle business, started in 1985, was merged with Sunshine and became a key part of the successful Peter Warren Automotive initial public offering.
Wildash (Qld), a discretionary trust company owned by Brett Frizelle, was holding 6.6 million shares when Peter Warren listed last week.
Frizelle company JEF Legacy retains property that includes holdings in Slacks Creek, Arundel, Kingscliff and Lismore.
In 2017, James Frizelle transferred a former Audi showroom property on Marine Pde, Southport, to a Brett Frizelle company in a transaction that valued the 4161sq m site at $10.3m.
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