Motor sports body buys new Canterbury headquarters

The Confederation of Australian Motor Sports (CAMS) has bought new headquarters in Canterbury.

CAMS has acquired auto group Worldmark's office building at 275 Canterbury Road (above).

It cost $6.72 million, having last traded for $675,000 in 1995.

The sports motoring group sold its existing headquarters at 851 Dandenong Road, East Malvern for $8 million last year (below).

CAMS had paid $1,781,000 in 1997.

There was no room to expand in the building which was in need of a significant upgrade.

The 40 staff will move in March.

Meanwhile, after selling its St Kilda Road headquarters for $95.38 million, the auto industry's local lobby group, The Victorian Automotive Chamber of Commerce, has snapped up a North Melbourne site for $8.8 million.

It has bought 644-658 Victoria Street after it passed in at auction.

The property, home to Melbourne City Garage, is a vast 1618 square metre garage where the VACC will construct a four-level office with a rooftop garden. 

The VACC is leasing back 464 St Kilda Road - held for 60 years - from new co-owners Abacus and Wing Tai Holdings.