Brisbane-based investors acquire tightly held Capalaba retail asset for $8.85 million
20 January 2020, Written by Business News Australia
A retail centre in the South East Queensland area of Capalaba has been acquired by Centurion Investment Management for $8.5 million.
The centre has two tenants, Rebel Sport and Repco, and Ray White Commercial Bayside director Nathan Moore says the Redland Bay Road asset is in the heart of one of SE Queensland's most tightly held large format retail precincts.
"They were attracted by the ASX-listed tenants, the seven-year WALE, the size of the landholding and the outstanding position on Redland Bay Road in Capalaba," says Moore.
"Repco and Rebel sports are household names and are independently backed by publicly traded parent companies."
The vendor is a New Zealand-based investor who is currently selling out his Australian assets as he edges closer to retirement.
For Centurion Investment Management, a Brisbane-based family group, the Capalaba asset is their first major commercial investment.
The Repco building is towards the southern boundary of lot one with frontage to Redland Bay Road and provides ground floor retail accommodation, a suspended mezzanine storage component and ground level staff and office amenities.
The Rebel Sport building is on the eastern alignment of lot two, and provides ground-floor retail accommodation, with storage and loading dock on the southern alignment accessible via a single roller door.
Business News Australia
Author: Business News Australia