04/05/2012 - Buzz back in iconic building
The busy Gympie Rd retail strip on Brisbane’s northside is about to get some added spark.
Retail chain Jaycar Electonics has snapped up the old Pizza Hut building on the corner of Gympie Rd and Bells Pocket Rd, Strathpine in a $1.55 million deal.
On a prominent 1648sq site, the existing 210sqm building was previously occupied by the Optical Superstore. Tim Jones from Raine & Horne Commercial negotiated the deal in an off-market transaction.
‘Jaycar was trying to source a new high-profile location on the northside and contacted me,’ Mr Jones said.
‘We basically pinpointed a few sites that would be ideal for them that were on prominent corner positions at major intersections along Gympie Rd.
‘And in the process of contacting property owners it just happened to be the case that the tenant in this building was coming up to the end of its lease and the owner was interested in selling.’
Mr Jones said Jaycar has plans to refurbish the existing building and add an additional 150sqm before opening a new retail outlet on the site.
He said the retail chain already had an outlet at Aspley, which it also had some development plans for. ‘Jaycar is one of few retailers that has been doing pretty well and growing in leaps and bounds over the past five years,’ Mr Jones said.
‘The Strathpine site is pretty well known to a lot of people and a bit of a landmark. ‘What Jaycar was looking for in particular was a site that had heaps of customer parking space, which their Aspley site doesn’t have.’
Jaycar is expected to undertake the upgrade of the Strathpine site over the next six months. Mr Jones said initially Jaycar was looking for a 350-400sqm building.
‘The size of the existing building at Strathpine was probably the one slight downside to the property,’ he said. But the land component was more than they needed so that gives them room to add on to the building. Finding a property with a low site coverage is very very difficult, particularly along Gympie Rd.’