A prominent retail development site spanning more than three hectares in Brisbane’s outer suburb of Bethania is being offered to market.
Fronting Logan River Road, the 3.795ha site is mooted for a 11,180sqm retail development incorporating 25 tenancies, including a supermarket, large format retail, medical, health services, car wash and food & beverage retailers.
The development ready site, which is strategically positioned in a major retail precinct adjacent Bunnings and Aldi, presents a potential income of circa $3 million annually.
CBRE’s Matthew Marenko, Joe Tynan and Michael Hedger have been appointed to market the site for sale via Expressions of Interest.
Mr Marenko said the site’s location and development potential would underpin strong buyer interest.
“There is strong appetite for retail development opportunities at the moment, fueled by the increase in discretionary spending, which will see this site in Bethania attract a lot of competition,” Mr Marenko said.
The site offers 280m frontage to Logan River Road - a major arterial road carrying over 230,000 cars weekly and connecting Logan Motorway with the Pacific Motorway.
Mr Tynan said the site’s position in Logan City was a key selling factor.
“In just over 20 years, Logan’s population is expected to grow by more than 50% to around half a million residents – leading to significant infrastructure investment, which includes some $18 billion already underway,” Mr Tynan said.
“With this level of population growth, a retail centre of this nature is destined to thrive in the area.”
The property is for sale by Expressions of Interest closing Wednesday, 12 May 2021 at 1.00pm (AEST).
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
