National Headquarters for Super Retail Group Sold for $55.5 Million

Centuria has sold the national headquarters for Super Retail Group (SRG) in Brisbane, known as SRG House, for $55.5 million to interstate private investor Sandran Property Group.

Situated approximately 45 minutes north of the Brisbane CBD at 6 Coulthards Avenue in Strathpine, the property was developed for Super Retail Group in 2019 and is fully occupied by the ASX-listed Australian retail conglomerate, with around 10 years remaining on the lease.

Super Retail Group owns and operates well-known brands including automotive retailer Supercheap Auto, outdoor and leisure retailers BCF and Macpac, and sporting retailer Rebel.

The large 2.85-hectare Strathpine site comprises a purpose-built A-Grade office building with 7,272sqm of lettable area across 3 levels and 611 at-grade car bays. It also includes 6,184sqm of developable land.

The asset was sold in a deal negotiated by JLL’s Seb Turnbull and Elliott O’Shea in conjunction with Knight Frank’s Matt Barker, Blake Goddard and Justin Bond following an Expressions of Interest campaign.

Knight Frank’s Matt Barker said the sale campaign attracted significant interest from investors looking for a secure investment in Brisbane.

“We had over 70 enquiries resulting in 7 offers, with interest coming from investors located both locally in Brisbane, as well as interstate and internationally,” he said.

“This property is arguably one of the best office assets within the Moreton Bay region.

“The appeal of the prime-grade office asset was its high calibre design, including leading ESG credentials, and strong covenant, being tenanted by one of Australia’s leading ASX-listed retailers on a long lease.

“In the current market investors are looking for assets of this calibre, with secure returns and the opportunity for growth in the future, with this location being a strong performing suburban growth corridor with excellent infrastructure and amenity, including transport connections.”

SRG House is situated adjacent to Strathpine Centre, the suburb’s major shopping centre, which has dining, entertainment, retail and transport amenity.

The City of Moreton Bay is Australia’s third fastest growing local government area. The implementation of the Strathpine Master Plan developed by the City of Moreton Bay is set to cement Strathpine’s position as one of South East Queensland’s major activity centres.

JLL’s Elliott O’Shea said SRG house was a best-in-class suburban trophy asset, with the added bonus of further development upside.

“In addition to the secure effective income, the property includes a 6,184sqm surplus land parcel on a separate allotment,” he said.

“It occupies a central position adjacent to the Strathpine Centre, lending itself to an array of potential development outcomes under the Strathpine Centre zoning.

“The buyer was attracted to the high-quality office building underpinned by the long lease to an ASX- 200 tenant in Super Retail Group, who have been headquartered within the Moreton Bay Region for more than four decades.

“SRG House is just 1.5 kilometres from Super Retail Group’s main distribution centre, providing excellent tenant retention prospects, especially with the asset being purpose-built and with limited surrounding competition at this grade or price point.”