Rich Lister and Sydney Roosters chairman Nick Politis has snapped up two Melbourne Porsche dealerships for just under $50 million.
According to The Australian Financial Review, Politis struck a deal for the Brighton and Doncaster Porsche centres on a yield of about 5 per cent. Penske Australia has already taken out new 12-year leases on the properties.
Porsche Centre Brighton is located in the Melbourne bayside suburb’s “Golden Mile of Cars” at 855-859 Nepean Highway and stands on a 4049 square metre landholding. Porsche Centre Doncaster occupies a 1674 square metre site at 839 Doncaster Road.
When asked whether he was in the market for further car dealership acquisitions, Politis answered ‘no.’ He described the Porsche dealerships as “great assets and great tenants.”
Politis is no stranger to car dealerships, having founded WFM Motors in the 1970s, which he grew into one of the country’s largest Ford dealerships. He currently owns more than 28 per cent of ASX-listed car sales giant Eagers Automotive.
The proud Kytherian Australian is worth $2.36 billion according to the 2024 Financial Review Rich List. Last year, he pocketed $245 million after selling a number of car dealerships he owned in Victoria to Eagers Automotive.
Source: The Australian Financial Review
