- Typical site in the area is 1,000sqm
- Includes four separate buildings and seven tenancies
- Frontage to arterial road
Retail heavyweight Harvey Norman has acquired a substantial site half an hour south of Brisbane.
“This was a unique opportunity to purchase a multi-tenanted investment property which ticked all the boxes – its size, functionality, diversification of risk and location are second to none,” said Raine & Horne’s Colin Tucker of the 160 Redland Bay Road property in Capalaba.
“It was a long-term investment by a small family company, but their circumstances changed and the property was offered for sale via a four-week Expression of Interest campaign. Harvey Norman is buying the property as a long-term hold.”
He continued, “And over time, they will develop the site into a retail hub.”
The property
The 15,900 square metre lot was sold by Raine & Horne Commercial. The property was noted as a prime mixed-use landholding comprising four separate buildings, three street frontages, and seven tenancies.
The Harvey Norman acquisition has a 78-metre frontage to Redland Bay Road, Raine & Horne said there are an estimated 45,000 vehicles passing by the property via the arterial road per day.
Currently home to a retail showroom, warehousing, and light manufacturing tenants, Mr Tucker said the property has seven tenancies in total, with two major long-term tenants including Rexel Electrical Supplies and Hudson Building Supplies.
Mr Tucker added that landholdings are exceptionally tightly held within the Capalaba regional hub that is the gateway to Redland city.
“Properties on main arterial roads like this are highly coveted,” he said.
“Most of the properties that are within the commercial precinct – which are very sought after – are usually around 1000sqm of land area. 160 Redland Bay Road was almost 16 times that.”
