A large high profile corner site fronting onto busy Cleveland-Redland Bay Road has been sold for a future service station development.
A large high profile corner site fronting onto busy Cleveland-Redland Bay Road has been sold for a future service station development.
The 5,337sq m site at 75 Boundary Street Redland Bay was sold on behalf of its private owner to developer Pradella Group for $1.2 million in a deal negotiated by Michael Harcourt of Savills.
He said Pradella Group plans to capitalise on the site’s prominent main road location by developing a 7-Eleven anchored service station plus approximately 500sq m of retail specialities with drive-through facility.
Mr Harcourt said the sale of the Redland Bay site continues the strong demand from investors and developers for high-profile main road fuel and fast food sites.
“Developer demand for service station sites has been driven by the aggressive expansion of the major fuel brands looking to increase their market share through new retail locations,” Mr Harcourt said.
Savills has recently completed a number of transactions in this market, highlighted by the sale of a new 7-Eleven service station at Virginia in Brisbane’s northern suburbs for $5.608 million. Mr Harcourt originally sold the site for this development for $1.75 million in 2014 before then selling the completed project, secured by a long-term lease to 7-Eleven, to Brisbane property developer Ken Woodley.
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