Bribie Retail Centre Sold for $7.3 Million

A fully-leased retail centre on Bribie Island north of Brisbane has been sold for $7.3 million.

The Bribie Retail Centre located at 5-7 Fortune Avenue, Bongaree boasts a high-profile location in the heart of Bribie Island’s main retail precinct.

The property was sold by Glenn Conridge of Burgess Rawson and Jon Tyson of Savills following an Expressions of Interest campaign that attracted multiple offers.

The property was purchased by Brisbane-based syndicator Arcana Capital, chaired by former Qld Premier Campbell Newm‎an.

The property is set on a site area of 5,916sq m and features a total floor area of 1,567sq m.

Glenn Conridge said the Bribie Retail Centre presented a rare opportunity to acquire a modern retail investment which is 100% leased to a high-quality line-up of national and chain brand tenants.

“The modern architect-designed building is divided into four tenancies occupied by Domino’s, Tattsbet, Supercheap Auto and Bargain City,” he said.

“The centre has excellent exposure and access with three-street frontage to Fortune Avenue, Bongaree Avenue and Goodwin Drive plus ample grade level parking at the shopfronts.”

Jon Tyson said the Bribie Retail Centre benefits from its prominent location in the dominant retail precinct on Bribie Island as well as its dynamic mix of well-known retailers and strong lease expiry profile of circa 4.6 years.

He said the centre is adjacent to the Woolworths-anchored Bribie Island Shopping Centre, and a future proposed Coles Shopping Centre. It also neighbours a freestanding Mitre 10 property that was recently sold by Burgess Rawson and Savills in a separate sale to a private buyer for $2.6 million.

“The Bribie Retail Centre is highly visible and accessible to pedestrian and vehicular traffic in a well-established retail precinct,” he said. “The sale continues the strong investor demand for quality, well-leased retail properties in high growth locations.”

View more information on Savills Retail Investment services.