A premium dual-tenanted large format retail asset at 2 Heaths Road, Mount Pleasant has sold for an effective price of $6.2 million, reflecting strong investor confidence in quality regional Queensland assets.
Burgess Rawson from CBRE’s Neville Smith and Tony Isaac sold the property via an Expressions of Interest campaign.
“The 1,502 square metre property, which generated a net income of $403,176 annually, attracted significant market interest with 142 enquiries,” Mr Smith said.
Mr Smith said this sale demonstrates the enduring appeal of secure, long-term covenant retail investments in established regional markets.
“The combination of ASX-listed Beacon Lighting and nationally recognised Bedshed as anchor tenants, coupled with lease terms extending through to 2042, provided buyers with exceptional income certainty.”
Mr Isaac said the transaction is significant for the large format retail sector. “Mount Pleasant continues to strengthen as Mackay’s premier retail precinct, with median house prices surging 22 per cent over the past year, underpinning the area’s economic momentum.”
The property’s strategic position proved instrumental in achieving the premium result. Situated on a substantial 3,971 square metre corner site with direct frontage to both Bruce Highway and Heaths Road, the asset benefits from over 38,000 vehicles passing daily. The modern tilt-panel construction showroom sits directly opposite McDonald’s and Harvey Norman, and within immediate proximity of Northpoint Retail Shopping Mall.
Beacon Lighting, occupying 64 per cent of the net lettable area with 680 square metres, holds a ten-year net lease through to 2028 with two further seven-year options. The ASX-listed retailer, boasting a market cap of $825 million, operates over 119 stores nationally. Bedshed, backed by ASX-listed Joyce Corporation, maintains a twelve-year net lease through to 2028 with a five-year option extending to 2033.
Mr Smith said the transaction underscores continued institutional and private investor appetite for passive retail investments with quality covenants in regional Queensland centres. “Mackay’s robust economy, driven by its position producing over 30 per cent of Australia’s cane sugar and generating a gross regional product of $14.8 billion, continues to attract capital seeking stable, long-term returns,” he said.
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