Cen­tre up for grabs

Daily Mercury - - REAL ESTATE -

THE run of high-pro­file re­tail trans­ac­tions in the More­ton Bay re­gion is set to con­tinue with the North Lakes Life­style Cen­tre now be­ing of­fered for sale by Ray White Com­mer­cial.

The 8000sq m mixed-use re­tail show­room com­plex at 4-8 Burke Cres com­prises 15 ten­an­cies an­chored by The School Locker (Har­vey Nor­man) and 99 Bikes, with Vic­to­rian-based Croc’s Play­cen­tre re­cently com­mit­ting to 1184sq m – the com­pany’s first ven­ture into the Queens­land mar­ket.

The re­cent sale of the nearby Of­fice­works at a record yield of 4.8 per cent is the lat­est in a string of ten­anted trans­ac­tions in the sought-af­ter sub­urb.

The 1.8ha prop­erty is re­turn­ing a net an­nual in­come of just over

$1.73 mil­lion, mak­ing it one of the largest re­tail of­fer­ings in the tightly held precinct.

The cen­tre is be­ing mar­keted by Chris Massie and Ash­ley Rees of Ray White Com­mer­cial, with ex­pres­sions of in­ter­est clos­ing on De­cem­ber 6.

“The in­ter­est in North Lakes is jus­ti­fied,” Mr Massie said. “When Ikea, Costco, Bun­nings and all the other na­tion­als in­vest as heav­ily as they have into one area, it gives an ex­tra level of se­cu­rity that in­vestors look for.”

The trend looks set to con­tinue for the sub­urb re­cently voted Prop­erty Coun­cil of Aus­tralia’s Best Mas­ter Planned Com­mu­nity for 2017. Lat­est ABS fig­ures es­ti­mate a 31 per cent growth for North Lakes over the next decade with ex­pec­ta­tions that to­tal con­sumer spend po­ten­tial will reach over $600 mil­lion per an­num by 2031.

With an av­er­age house­hold in­come 12 per cent higher than the Greater Bris­bane av­er­age, it seems in­ter­est will re­main strong from ten­ants and in­vestors alike, Mr Massie said.

Ex­pres­sion of in­ter­est for the prop­erty close on Wed­nes­day, De­cem­ber 6 at 4pm (Queens­land time).

For fur­ther in­for­ma­tion con­tact Mr Rees on

0411 707 410.

PHOTO: CON­TRIB­UTED

IN­TER­EST SOUGHT: The 8000sq m show­room com­plex has 15 ten­an­cies an­chored by The School Locker (Har­vey Nor­man) and 99 Bikes, with Croc’s Play­cen­tre re­cently com­mit­ting to 1184sq m

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