NORTH LAKES WELCOMES PRIMEWEST
Written on the 2 May 2014 by Rebecca Masters
THE retail hub of North Lakes is set for further expansion with the development of a new 28,000sqm retail floor complex to complement the existing Town Centre.
National property group Primewest has secured three strategic retail sites at North Lakes totalling 64,957sqm.
The $19.528 million acquisition price makes the transaction the largest single commercial land sale to date in the North Lakes precinct.
The adjoining sites are located adjacent to Westfield and Masters on North Lakes Drive.
The properties were sold in one line to Primewest by Peter Tyson and Garry McDowall of Savills on behalf of North Lakes’ developer Stockland.
Primewest director John Bond says the acquisition is in keeping with Primewest’s current focus on large format retail and selective shopping centres.
He says Primewest has made several significant retail purchases across four states in recent months, building on its national portfolio of over $2 billion.
An Expressions of Interest campaign reportedly attracted over 100 enquiries and 16 offers.
“The high level of interest in these sites was due to the prime positioning in the heart of the fast-growing North Lakes community,” he says.
“This was a rare and unique opportunity to acquire a significant ‘super site’ holding with excellent value-add development potential.
“The acquisition and planned development of the sites will add further depth to the overall North Lakes retail offering, and also represents an important vote of confidence in the outlook for Queensland’s large format retail bulky goods sector.”
The North Lakes Town Centre is anchored by the Westfield North Lakes regional shopping centre which includes Myer, Coles, Target, Woolworths, Big W and ALDI. North Lakes also features a Masters Home Improvement, one of Australia’s largest Bunnings Warehouse stores, and the soon to open first Costco retail outlet in Queensland.
With an established population of 15,000 residents and growing, North Lakes is designed to ultimately accommodate 25,000 residents and create over 13,000 jobs.
Primewest has appointed Savills’ Garry McDowall in conjunction with Ian Hooley of Queensland Property Agents, to drive the leasing of the project.
McDowall says there has already been strong interest from substantial national retail tenants seeking to secure prime retail showroom space at North Lakes.
The location is a dynamic and growing trade area presenting a highly attractive proposition for national retailers.
“North Lakes is already home to many major generators of retail traffic, and these prominently positioned sites provide the opportunity for a variety of retailers to benefit from this,” says McDowall.
“Most national retailers are aware of a significant gap in their networks in this corridor, with North Lakes positioned roughly at the mid-point between the existing retail nodes of Aspley and Morayfield.
“With no dedicated large format retail facility of any scale in the triangle between the Redcliffe Peninsula, Strathpine and Deception Bay, there is a substantial existing market which is not well serviced and this new landmark large format retail project at North Lakes will meet this need.”
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Author: Rebecca Masters
About: Rebecca Masters is a writer and journalist for Gold Coast Business News. She writes across a number of genres, but with a particular focus on business, also contributing to Brisbane Business News and Queensland Business News.Connect via: LinkedIn