This article is from the Australian Property Journal archive
HARVEY Norman has expanded their portfolio in Queensland with the retail heavyweight swooping in on a sizable landholding in Capalaba.
It’s an impressive pickup for the 40-year-old retail giant with Redland City currently scarce in the areas of privately owned substantial land holdings.
The mixed-use land holding features four separate buildings with three street frontages, occupying a total of 15,900 sqm.
Raine & Horne Commercial Bayside ran the sales campaign which unsurprisingly recorded several strong offers before it was sold to Harvey Norman for an undisclosed sum.
Associate director Colin Tucker says the site, located at 160 Redland Bay Road presented an ideal opportunity for Harvey Norman to add further development.
“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 (is) second to none,” he said.
“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.”
There are seven tenancies across the site in total with a mix of larger companies and family-operated companies. There are 84 carparks onsite, with the ability to drive through the whole site.
“With seven tenancies in total, its two major long-term tenants include Rexel Electrical Supplies and Hudson Building Supplies,” he said.
The site is just a 25 minute drive from the Brisbane CBD, an ideal spot to develop a business with approximately 45,000 vehicles passing daily.
“Properties on main arterial roads like this are highly coveted,” Tucker 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,” he added.
