Sydney’s bid for Mansfield auction site gets the go-ahead
- by admin
The bidding frenzy for the Sydney Motor Auction has begun.
The new bid for the Mansfield Motor Auction site, which is owned by Mansfield Motors, has received a big boost from a group of investors that include the Chinese investors behind the Beijing Olympics and who also want to expand the Mansfields overseas operations.
The Australian Financial Press can reveal that Chinese investor Wang Ligang has put in an offer of up to $250 million to buy the site.
The Chinese businessman, who is also a key investor in the Sydney Olympic Games, has also agreed to finance the acquisition of a minority stake in the auctioneer’s firm.
Wang has agreed to invest $250m in the sale of the Mansford Motor Auction, the company’s first Australian property sale since it took over Mansfield in 2003.
The purchase price for the site has yet to be announced, but it is believed to be in the region of $400 million.
Mansfield Motors is one of the largest car makers in the world and is one part of the Chinese conglomerate that owns Australia’s second largest car maker, Holden.
The new owner of Mansfield will be the first Chinese group to own a major Australian property, after Shanghai-based Anbang Insurance Group acquired the Mansforth estate for $2.3 billion in 2012.
The company has also signed a deal to build a new factory in China, with the potential to produce the first Australian car in 40 years.
The site has been the subject of intense interest from foreign investors, particularly Chinese, in recent years.
Mensfield has not released a full list of the buyers or the terms of the sale.
Mansford is currently building a $20 billion facility in Shanghai to make vehicles in China.
The proposed sale would be the biggest property sale in Australia in the past decade.
The price of the site in its current state is not likely to be higher than the price of a $50 million home, the latest Sydney Morning Herald property price index found.
Manners said he was not sure what the new offer would be and that the market was already being stretched.
“There is a lot of money floating around that’s not actually being spent.
There is a huge amount of cash in the market and it’s not necessarily coming from the investors who want to spend their money.”
If they do spend it, they will probably spend it on the car.
“I don’t know if the new owners will spend it all on the motor, but I would guess it will be more on the design.”
The bidding frenzy for the Sydney Motor Auction has begun.The new bid for the Mansfield Motor Auction site, which is…
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