National bike giant 99 Bikes has spent $5.5 million buying two adjoining properties in Brisbane’s Bowen Hills.
They’re set to consolidate two existing stores in to the one property at 62-66 Abbotsford Road.
Savills agents Gregory Woods and Daniel Pepper negotiated the deal, with 111 enquiries received throughout the campaign.
The new superstore is in replacement of the previous stores located in Fortitude Valley and Windsor, and will also house administration, logistics and warehousing needs for the business.
Woods said the building size and location was ideal for the retailer, with the high level of exposure a major draw card.
“We had originally taken the property next door to market, with 99 Bikes inspecting the facility, however they expressed a need for a larger space.
“Fortunately, the seller also owned some adjoining properties which is what prompted the sale of 62-66 Abbotsford off- market,” Mr Woods said.
The properties are situated on a total 2,028sq m site, achieving a rate of $3,309 per square meter by total building area of 1,662sq m.
Pepper said owner occupiers continue to be attracted to Bowen Hills, due to its underlying land value and future development potential.
“Evidenced by the significant enquiry we received throughout the campaign, we are seeing an increased interest in Bowen Hills due to the significant price disparity between neighbouring suburbs such as Newstead,” Mr Pepper said.
Managing Director of 99 Bikes, Matt Turner, said the new store is set to open on Thursday 20 June 2019, with the online warehouse up and running from the new location now.
“When the store opens there will be an extended range with express click and collect from the online store,” Mr Turner said.
Fortitude Valley’s GPO Hotel offered to market
The GPO Hotel in Queensland’s Fortitude Valley has been offered to the market through an expressions of interest campaign.
Currently operating as a nightclub it is described in the listing as a “long term lease prospect (4 x 10 years).”
Glen Price of HTL Property is marketing the listing.
Situated at 740 Ann Street the expressions of interest campaign closes on June 5.
The property holds a commercial hotel license.
Sentinel buys Brisbane’s Makerston House from Challenger for $103m
Sentinel Property Group has bought the Makerston House office tower in the Brisbane city centre for $103 million from ASX-listed Challenger.
The deal – the largest to date for the Brisbane-based syndicator – was struck on a net passing yield of 7.85 per cent. It will be held within Sentinel’s Regional Office Trust, which holds nine assets worth more than $350 million.
Makerston House, situated at 30 Makerston Street at the northern edge of the Brisbane CBD, last sold for $38 million in 2000 when Challenger bought it from listed investment company Ariadne.
The tower, offering almost 15,000 square metres of office space, had a book value of $70.7 million as of June 30 last year.
In January, Challenger secured Queensland Rail as a tenant across 2000 sq m to help shore up some of the vacancy.
The deal follows Brisbane recording the largest drop in office vacancy compared to any other state capital in the six months to February, with a drop to 13 per cent from 14.7 per cent, according to the most recent Property Council Office Market Report.
Sentinel Property managing director Warren Ebert said Makerston House was “superbly positioned” at the epicentre of some of the city’s multibillion dollar infrastructure projects, including the $5.4 billion Cross River Rail network and the $2.1 billion Brisbane Live precinct.
“This is a fantastic acquisition for Sentinel and is our biggest purchase since the group started 10 years ago,” Mr Ebert said.
“The building is opposite the Queensland Police Headquarters and just 50 metres from Roma Street train station, the only existing CBD railway station that will link to the high capacity Cross River Rail.”
Established in 2010, Sentinel has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets with a total value in excess of $1.14 billion.
Dexus Eyes $100m Sale for Brisbane Retail Centre
Dexus Wholesale Property Fund are looking to offload a 100 per cent freehold interest in Beenleigh Marketplace, a sub-regional shopping centre located 32-kilometres from Brisbane’s CBD.
The 19,476 square metre asset, which last transacted in 2013, is anchored by Woolworths and Big W and spans a 60,680sq m site.
The landholding also includes 4,390sq m of adjoining land earmarked for further development.
JLL head of retail investments Simon Rooney has been appointed to market the expressions of interest campaign amid weak sentiment in the retail property sector.
“Investors are pursuing a low-risk retail strategy at present,” he said.
Rooney said investors were targeting small and mid-sized sub-regional centres with a major focus on retail services along with food and beverage offerings.
“F&B has consistently been the fastest growing retail category over the last five, 10 and 20 years, which underpins solid leasing demand.”
Recent transactions for sub-regional centres include the Rockdale Plaza sale in Sydney purchased by Charter Hall for $142 million last month, Sydney’s Neeta City purchased by Elanor Investors for $85.3 million in March, and Melbourne’s Campbellfield Plaza bought by Charter Hall for $74 million in December last year.
Transaction activity was highest within the $50-million to $150-million bracket for retail property last year.
Rooney said the Beenleigh retail hub outperforms the industry averages with total centre moving annual turnover (MAT) of $113.7 million.
Beenleigh, located in the city of Logan, has a current population of 83,570 which is expected to increase 2.1 per cent annually to 2031.
The expressions of interest campaign closes on June 6.
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