A fully occupied Brisbane large format retail and specialty asset has changed hands following strong enquiry during the sale campaign.
Originally purchased by Super A-Mart founder John Lieshout from a private family in a deal negotiated by Knight Frank, the 1.11ha site has 8147sq m of lettable property at 520 Kessels Road in MacGregor.
The property, which also has 125 car parks, was recently sold for $17.5 million.
Negotiated by Knight Frank’s Christian Sandstrom and Justin Bond, the expressions of interest campaign generated more than 110 enquiries from local and interstate investors.
“Properties in this sought-after location are rarely offered for sale, so buyers were keen to seize on the opportunity to purchase the asset,” he said.
“Aside from the location, investors were looking to capitalise on the diverse tenant profile of the fully-leased property, as well as the WALE of 3.84 years, by income.
“The secure cashflow is underpinned by nine national and international tenants in the furniture, automotive, fitness and entertainment industries including Snooze, Mercedes Benz and Oz Design Furniture.”
The property adjoins Mr Van Lieshout’s other properties on Kessels Road and creates a long term holding in excess of 6ha.
Mr Bond said there were no major capex requirements, outstanding incentives, or COVID-19 relief agreements remaining for the Brisbane large format retail property, which was an added drawcard for investors.
“While it’s a busy location with great exposure, it also offers excellent accessibility via the M3, Pacific and Ipswich Motorways and has an abundance of nearby complementary amenity including Westfield Garden City, Sunnybank Plaza, Market Square, QSAC and Nissan Arena,” he said.
“We are seeing strong investor competition for quality opportunities in the market, which are limited at the moment.”
