A Mixed-Use retail centre northwest of Brisbane with future redevelopment potential is up for sale with price expectations of sub $10 million.
The property at 4 Patricks Road and 22 Nepean Avenue in Arana Hills, just 12.6 kilometres north of the Brisbane CBD, consists of two buildings with a combined net lettable area of 1,077sq m across eight shop fronts.
The buildings, situated opposite Arana Hills Plaza and national fast food chains, occupy a large corner site of 2,576sq m, with dual street frontage to both Patricks Road and Nepean Avenue.
Tenants include Commonwealth Bank, QML Pathology, Snap Fitness, Subway, KM Smith Funerals and GOA Signboards and Qld Print and Signs.
The retail centre is being sold by a local private investor, who has undertaken a repositioning of the asset after purchasing it in 2016.
The Offers to Purchase campaign will be co-ordinated by Christian Sandstrom of Knight Frank in conjunction with Andrew Deane of Retailspace Agency.
Mr Sandstrom said the retail property was a quality investment, situated on a prominent corner block in the heart of Arana Hills, providing significant exposure for the existing tenants.
“It offers investors a secure income from a diverse range of strong existing tenants, including four national tenants and three local operators,” he said.
“This property has strong fundamentals including being majority leased with a favourable WALE of 4.71 years.
“It also affords an incoming purchaser with further upside through the potential redevelopment of the site for alternate uses.”
Mr Deane said the property had significant redevelopment potential for a mixed-use project comprising residential, retail and office space of up to four storeys.
“The site possesses intrinsic value as a future development site, located amongst some of Arana Hills most established operators including K-mart, Aldi, Coles, Guzman Y Gomez, Hungry Jacks and Shell Petroleum,” he said.
“Located within the Moreton Bay Regional Council, this property is included in the ‘District Centre’ zoning, generally for commercial and retail uses.
“The area is currently underutilised with major development to come as a result of Brisbane’s unprecedented increase in interstate migration over the past two years.
“This places an incoming purchaser in a position to transform the site to meet the modern day demands of residents and retailers.”
Mr Sandstrom said quality retail assets were sought after by investors in the current market, particularly smaller retail centres, which had become community hubs during COVID.
“The Arana Hills area particularly is primed for growth, with an incoming investor to capitalise on this in the future,” he said.
“Opportunities to purchase assets of this nature don’t come along very often, so we expect buyer competition will be strong.”
The Offers to Purchase campaign for the property will close on Thursday, August 4 at 4pm.