$14m parcel in Richlands sells for Homemaker Centre expansion

9 March 2022

A 3.12 hectare commercial development site in Brisbane’s south has sold for $14 million in a competitive EOI process, which has seen a neighbouring retail group secure the parcel.

The sale was negotiated by Colliers agents Philip O’Dwyer and Sam Biggins on behalf of Gold Coast based Gordon Corp. Colliers sold the Richlands property along with a development site in Burleigh and a retail centre in Morayfield to the Tim Gordon led Gordon Corp in 2019 as part of a package of three assets that they purchased from the nine property Kaufland divestment portfolio.

The site at 159-177 Progress Road, Richlands, settled to property and investment company Home Co on the 1st March 2022.

Home Co is the developer of the repurposed Masters site, now a homemaker and retail centre, which sits directly adjacent to the site.

Mr O’Dwyer said the site was hotly contested and saw multiple offers.

“We received multiple strong offers on the site, which led to a shortlisting process and resulted in a short due diligence period,” Mr O’Dwyer said.

“This site was highly sought after nationally as a key retail precinct in Brisbane’s south, just 20 km from the CBD.

“We are thrilled with the outcome for both vendor and purchaser, with the site sold at a strong price to a motivated purchaser.

“Home Co plans to utilise the site for a future expansion of adjacent retail centre, which is a great result for the local economy.”

159-177 Progress Road is District Centre zoned, just metres from Richlands Train Station and bus interchange. The site has a 182 m main road frontage and is easily accessible from the Centenary Highway.

The property was marketed by Colliers in conjunction with JLL.