This article is from the Australian Property Journal archive
BRISBANE-based syndicator Arcana Capital, chaired by former Queensland Premier Campbell Newman, has paid $7.3 million for a retail centre on Bribie Island, north of Brisbane.
Located at 5-7 Fortune Avenue, Bongaree, the property was sold by Burgess Rawson’s Glenn Conridge and Savills’ Jon Tyson.
The 1,567 sqm centre is set on a site area of 5,916 sqm. It is fully leased to a number of tenants.
“The modern architect-designed building is divided into four tenancies occupied by Domino’s, Tattsbet, Supercheap Auto and Bargain City,” Conridge said. “The centre has excellent exposure and access with three-street frontage to Fortune Avenue, Bongaree Avenue and Goodwin Drive plus ample grade level parking at the shopfronts.”
Tyson said the Bribie retail centre benefits from its prominent location in the dominant retail precinct on Bribie Island as well as its dynamic mix of well-known retailers and strong lease expiry profile of circa 4.6 years.
He said the centre is adjacent to the Woolworths-anchored Bribie Island Shopping Centre, and a future proposed Coles Shopping Centre. It also neighbours a freestanding Mitre 10 property that was recently sold by Burgess Rawson and Savills in a separate sale to a private buyer for $2.6 million.
“The Bribie Retail Centre is highly visible and accessible to pedestrian and vehicular traffic in a well-established retail precinct,” Tyson concluded. “The sale continues the strong investor demand for quality, well-leased retail properties in high growth locations.”
Australian Property Journal
