One of Redland City’s last remaining, privately owned substantial land holdings has been sold by Raine & Horne Commercial Bayside following strong enquiry and several offers.
Retail heavyweight Harvey Norman snapped up the ample mixed-use asset, comprising of four separate buildings, with three street frontages, occupying 15,900sqm of flood free land for an undisclosed amount.
Colin Tucker, Raine & Horne Commercial Bayside Associate Director, says the 160 Redland Bay Road site is a standout asset, located within an extremely tightly-held retail and commercial precinct.
“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.
“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 are buying the property as a long term hold.”
He continued, “And over time they will develop the site into a retail hub.”
A popular business hub
The property at 160 Redland Bay Road has a 78m frontage onto Redland Bay Road which is the main double lane arterial road through Capalaba’s retail and commercial precinct, with an estimated 45,000 vehicles passing daily. Redland Bay Road is highly-regarded for its array of retail choice. The asset has 84 onsite car parks with full drive around capability through the whole site.
160 Redland Bay Road is currently home to a retail showroom, warehousing, and light manufacturing tenants.
According to Mr Tucker, the tenants range from corporate enterprises to family operated companies.
“With seven tenancies in total, its two major long-term tenants include Rexel Electrical Supplies and Hudson Building Supplies,” he said.
The Brisbane CBD is a 25-minute car drive from the asset.
Rare buying opportunity
Mr Tucker said landholdings are extremely tightly held within the Capalaba regional hub that is the gateway to Redland city.
“Properties on main arterial roads like this are highly coveted,” he 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.”