The national house goods retailer has acquired a substantial mixed-used landholding in Redland City — one that is described to be a “rare buying opportunity”.
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After fielding strong inquiry and several offers from prospective buyers, Raine and Horne Commercial Bayside shared that the privately held 15,900-square metre mixed-use asset located on 160 Redland Bay Road was sold to Harvey Norman for an undisclosed amount.
Raine & Horne Commercial Bayside associate director Colin Tucker said the site — comprising four separate buildings and featuring three street frontages — is a “stand-out asset”.
“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,” he said.
Situated within an “extremely tightly held” retail and commercial precinct, Mr Tucker stated that the site’s tenants range from corporate enterprises to family-operated companies.
“Redland Bay Road is highly regarded for its array of retail choice,” he stated.
Currently, the site is leased by a total of seven tenants and is home to a retail showroom, warehousing, and light manufacturing tenants. The site also has two major long-term tenants, which are Rexel Electrical Supplies and Hudson Building Supplies.
Adding to the site’s status as a business hub, the asset features a 78-metre frontage onto Redland Bay Road that serves as main double-lane arterial road through Capalaba’s retail and commercial precinct, with an estimated 45,000 vehicles passing daily.
On top of this, the asset has 84 onsite car parks with full drive-around capability through the whole site and offers the convenience of being a 25-minute drive from Brisbane’s central business district.
Mr Tucker said landholdings are “extremely tightly held” within the Capalaba regional hub that is considered the gateway to Redland city.
“Properties on main arterial roads like this are highly coveted,” Mr Tucker commented.
He further explained why the property is considered a one-of-a-kind asset. “Most of the properties that are within the commercial precinct — which are very sought after — are usually around 1000 square metres of land area. 160 Redland Bay Road was almost 16 times that,” he said.
Before the divestment, Mr Tucker disclosed that the asset 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,” he stated.
Mr Tucker said that Harvey Norman is buying the Capalaba property as a long-term hold, with the site being eventually developed into a retail hub.
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