Centre up for grabs
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.