Suttons Holden dealership Rosebery site sold for Meriton apartment redevelopment
The dealership site will close its doors on 30 June 2022
Jonathan ChancellorFebruary 1, 2022
Suttons City the longtime Rosebery dealership yard has been sold for an undisclosed sum apartment development.
The 4.45 ha site will close its doors on 30 June 2022 after opening 28 years ago, with the decision prompted by developer enthusiasm and rising land tax.
The annual land tax bills has been estimated to be close to $5 million making the property "unviable for new-car sales," according to the motoring website, Drive.
The identity of the property developer was not disclosed, however Drive noted the location is surrounded by Meriton apartments, it added.
The Australian has reported Meriton paid $300m plus.
Urban understands there was a put and call option taken last November.
The car yard is one of Australia’s largest dealership sites having showrooms for 12 major automotive brands.
Suttons City comes with 92 workshop bays on the site, servicing up to 350 cars daily.
It opened as a standalone Holden dealership after the Suttons bought the land from GMH.
The Sutton family have operated car dealerships since 1943.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.