Harvey Norman snaps up prominent east Brisbane site
Harvey Norman is paying a speculated $13.5 million for a prominent east Brisbane showroom/warehouse complex.
The 1.59 hectare Mixed Use zoned block at 160 Redland Bay Road, at the T-intersection of Ney, Capalaba, also with access to Hood and Steel streets, is expected to be developed as retail longer term.
With four buildings, it is leased to seven groups including Hudson Home Timber & Hardware and Ideal Electrical.
There are also 84 car parks.
“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,” Raine & Horne Commercial Bayside marketing agent Colin Tucker said.
“Landholdings are extremely tightly held within the Capalaba regional hub that is the gateway to Redland city,” he added.
“Properties on main arterial roads like this are highly coveted,” according to the executive.
“Most of the properties that are within the commercial precinct – which are very sought after – are usually around 1000 sqm of land area.
“160 Redland Bay Rd is 16 times that” (story continues below).
Harvey Norman boosts development pipeline
Harvey Norman is buying the Capalaba property, 20 kilometres from the CBD, as a long-term hold, Mr Tucker said.
“Over time, they will develop the site into a retail hub,” he added.
The deal comes five months since the retail giant outlaid $11m for a 6.72ha block beside Charter Hall’s Gateway Plaza, near Geelong.
Harvey Norman is expected to replace that property with a homemaker centre it will part occupy, sources say.
Last year, the group snapped up two established bulky goods investments – Watergardens Homeplace at Taylors Lakes, Melbourne, where it was a tenant, outlaying $97m, and the Geraldton Homemaker Centre, 420 kilometres north of Perth ($28.25m).
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