Outdoor Furniture Outlet (OFO) have secured a new lease for a high-profile showroom in Capalaba.
Located at 71 Redland Bay Road, the tenancy has a total area of 851sqm and includes a fully air conditioned showroom with an existing high-quality fitout. It provides wide exposure and signage to busy Redland Bay Road, ample shopfront car parking and rear roller door access.
OFO are relocating from an existing showroom in Capalaba only 1km from the new site. 71 Redland Bay Road presented the perfect opportunity for OFO to move to a superior position in the precinct and upgrade their store fitout at the same time.
CBRE’s large format retail specialists, Andrew Brimson and Damian Crocetti, negotiated the lease to OFO, a family owned business that also has a store on the Gold Coast.
Mr Brimson said the site is set in the heart of Capalaba’s established retail precinct with neighbours including a multitude of major national large format retailers such as Freedom Furniture, Beacon Lighting, Baby Bunting and JB Hi-Fi.
“It is a highly sought-after precinct for retail showroom users. Our leasing campaigns for this area continually generate a high level of interest from both local and national retailers,” Mr Brimson said.
“We secured the lease to OFO before the outgoing tenant’s lease expired, so there was no period of vacancy, which is an excellent result for the landlord. The tenant has taken handover and is currently fitting out the showroom.”
The rental rate has not been disclosed by CBRE however showrooms along this strip have been known to lease for around $225-$275/sqm pa net plus outgoings and GST.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.