A Toowoomba developer has leased nearly 1000sqm of recently converted retail space in Indooroopilly to Anytime Fitness Indooroopilly and 99Bikes.
After acquiring the Wizards Automotive site at 234-240 Moggill Road in 2016, the landlord has recently started major renovations and is in the process of converting the structure into an A-Grade retail asset, set for completion in Q2 2019.
Health and fitness club Anytime Fitness Indooroopilly will occupy 465sqm of the refreshed premises on a 10-year lease, while its new neighbour, retailer 99Bikes, has signed a seven-year agreement for 500sqm. Anytime Fitness Indooroopilly and 99Bikes will join Ride Indooroopilly who have successfully operated on this site for many years.
CBRE’s Sam Macgregor and Andrew Brimson negotiated the deals on behalf of the private developer.
Mr Macgregor said; “The site is approximately 150m from the mixed-use Indooroopilly Central, which is anchored by Spotlight and Winning Appliances, and approximately 550m from Indooroopilly Shopping Centre, anchored by Woolworths, Coles, David Jones and Myer.”
“Both tenants were conscious of the lack of quality showroom stock in the Indooroopilly market, as well as the Moggill Road site’s proximity to quality retail brands and jumped at the opportunity to occupy this space,” Mr Macgregor commented.
“The retailers were also drawn to the site’s onsite parking and daily exposure to around 30,000 passing vehicles.”
“The new design will allow the retailers to maximise signage and branding opportunities fronting Moggill Road.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
