Fully Leased Retail Centre Hits the Market in Brisbane’s Western Corridor | JLL

Baby Bunting and RSEA large format centre in Booval offers strong income security, prime exposure, and long-term growth in one of Queensland’s fastest-growing corridors.

An alignment of national retail strength and strategic urban positioning has emerged in a tightly held Ipswich site.

The freestanding Large Format Retail (LFR) centre in Booval, Ipswich, is anchored by prominent retailers, Baby Bunting and RSEA Safety.

Located at 232 Brisbane Road, the fully leased asset is being exclusively offered to market by JLL’s Ned McKendry, Liam Cox and Jacob Swan via an Expressions of Interest campaign, on behalf of vendor Properties & Pathways.

The site occupies approximately 2,672sqm and delivers a gross lettable area of roughly 2,723sqm, with 100 per cent of income secured on double net leases. The centre generates a net income of approximately $715,385 per annum and offers a strong Weighted Average Lease Expiry (WALE) of 4.8 years by income, with further lease options in place.

Strategically positioned along one of Ipswich’s busiest arterial roads, the property enjoys more than 190 metres of exposure and is directly adjacent to Booval Fair Shopping Centre, just three kilometres from the Ipswich CBD. Located within a well-established commercial and residential precinct, the asset is surrounded by high-performing national brands including Harvey Norman, McDonald’s, Repco and Good Price Pharmacy.

Mr McKendry said the offering ticked all the boxes for buyers seeking income security, strong underlying land value, and long-term uplift potential.

“The area’s strong residential catchment, ongoing urban development and excellent public transport access, with Booval and Bundamba train stations nearby, continue to drive foot traffic and rental demand,” he said.

“This is a tightly held precinct with low site coverage – the proportion of buildings on the land.”

Mr Cox added that the combination of a long WALE and rental growth mechanisms would appeal to a broad buyer pool.

“The centre provides a compelling investment case. It offers strong existing income, but also future rental upside given the low average rent of $263 per square metre,” he said.

RSEA Safety, a national leader in protective workwear and safety equipment, operates more than 90 stores across Australia and New Zealand, while Baby Bunting is Australia’s largest specialty baby goods retailer, listed on the ASX and continuing to grow its national footprint.

Ipswich continues to lead Queensland’s population growth, welcoming over 8,700 new residents in 2024 and surpassing 260,000 people, according to Ipswich City Council. This upward trend underpins strong demand for housing and infrastructure, as well as the local retail industry.

The asset is being offered for sale via an Expressions of Interest (EOI) campaign conducted closing at 4pm (AEST) on Thursday, 7 August 2025.