CENTURION Investment Management Pty Ltd has paid $8,850,000 for one of the most compelling investment opportunities available on the market at 84-86 Redland Bay Road.
The Capalaba asset, that provided two free-standing buildings for a total net lettable area of 2,335sq m* on a total 4,858sq m* site area, had Rebel Sport and Repco in place as tenants.
The property was successfully marketed and sold by Ray White Commercial Bayside Director Nathan Moore.
Mr Moore said the asset was in the heart of one of South East Queensland’s most tightly-held large format retail precincts and was sold off-market.
“The vendor is a New Zealand-based investor who’s getting closer to retirement age and selling out his Australian assets was a part of his strategy,” he said.
“The buyer is a local Brisbane-based family group and this is their very first major commercial investment.
“They were attracted by the ASX-listed tenants, the seven-year* WALE, the size of the landholding and the outstanding position on Redland Bay Road in Capalaba.
“Repco and Rebel Sport are household names and are independently backed by publicly traded parent companies (Super Retail Group and GPC Asia Pacific). They both signed new 10-year leases back in 2016.
“The Repco building is towards the southern boundary of lot one with frontage to Redland Bay Road and provides ground floor retail accommodation, a suspended mezzanine storage component and ground level staff and office amenities.
“The Rebel Sport building is on the eastern alignment of lot two, and provides ground-floor retail accommodation, with storage and loading dock on the southern alignment accessible via a single roller door.
“Just 21km* south-east of Brisbane CBD, the suburb of Capalaba is predominantly traditional residential areas with various commercial and retail facilities conglomerated along Redland Bay Road, Mount Cotton Road and Moreton Bay Road.”