This article is from the Australian Property Journal archive
RETAIL giant Harvey Norman has secured a major industrial landholding in MacGregor, south of Brisbane, with plans for future development.
The 23,786sqm site located at 572 and 588 Kessels Road is currently improved by a 10,000sqm of existing NLA, which is leased to Asahi Beverages.
“Asahi will be relocating the production process housed at MacGregor to another facility they operate in Brisbane to create a more efficient manufacturing footprint,” said Colliers International’s Anthony White, who negotiated the sale Matthew Frazer-Ryan.
“The campaign generated over 80 enquiries and multiple offers from high net worth investors and developers. In the end Harvey Norman was the successful buyer,” White said.
According to Frazer-Ryan, Harvey Norman thought the precinct was a great opportunity for them being the last available major holding along the Kessels Road large format retail strip. “They plan to build a large format centre onsite that will offer opportunities for other tenants to join them.
“The strategic location of the site is vital for the future growth of their store footprint. MacGregor is a strong performing precinct and Harvey Norman will work over the medium term towards a development outcome that will add even more diversity for customers in this precinct.
“Sites of this size with main road exposure and high level of existing infrastructure in place are increasingly rare throughout Brisbane, particularly as residential rezoning has been prevalent.
A spokesman for Harvey Norman said the retail giant was “expecting to push on with redevelopment of the site in the near term.”
Australian Property Journal
