Wealthy Bendigo automotive family sells multimillion dollar car dealership site after 35 years

A multimillion-dollar piece of land generationally owned by a wealthy Bendigo automotive family has hit the market in the heart of the city.

A multimillion-dollar piece of land owned by a wealthy Bendigo family who have been in the car industry for generations has hit the market.

The family are selling the freehold for the 5000sq m High St site just 2km from the CBD after 35 years of ownership.

Director at Buxton Real Estate Hugh Norris said it was a “fantastic opportunity” for an investor to break into the often generationally owned and tightly held real estate market in Bendigo’s CBD.

“Parcels of land like this don’t come up all that often,” he said.

A generationally owned, multimillion dollar piece of land on High St Bendigo has hit the market. The site is tenanted by Poyser Motor Group who own the Nissan and Ram dealerships on the site. Picture: Supplied.

The site is tenanted by Poyser Motor Group, another major Bendigo automotive family, who own the Nissan and Ram dealerships on the site alongside several other dealerships across Bendigo.

The owners sold the dealership to Poyser in 2014, and were looking to sell the freehold to “change their investment strategies”, Mr Norris said.

Poyser have options until 2031, which gives the prospective new owners time to plan the future of the site.

Mr Norris said the new owners had the choice of retaining the major dealerships which see an annual return of about $350,000, or if a developer bought it, they may choose to redevelop the site into a large retail precinct.

A generationally owned, multimillion dollar piece of land on High St Bendigo has hit the market. The site is tenanted by Poyser Motor Group who own the Nissan and Ram dealerships on the site. Picture: Supplied.

“The way that Bendigo is heading with it’s growth and development, come 2031 Bendigo is going to be a much larger city … making it an increasingly attractive location for businesses and investors,” he said.

The site is zoned for commercial use, and could also be redeveloped into offices, childcare, a service station, fast food, and medical facilities — subject to council approval.

The property is being offered for sale by expression of interest, closing at 4pm on November 14.