De Luca Corporation has acquired a Northgate industrial site for $6.65 million with plans to rebuild it as a convenience retail investment.
A 2337 square metre portion of the property at 185 Toombul Road is already pre-committed to 7-Eleven for 12 years.
With options, the service station can stay until 2055.
Surplus land – spreading 5657sqm – will now be replaced with one structure containing more shops.
Knight Frank’s Jason March and Blake Goddard with Ray White Commercial’s Tom Barr and Paul Anderson brokered the sale; the former agency also negotiated the lease.
On the north east corner of Holland Street, the property is about 200 metres from the Northgate train station (story continues below).
It is also near Southern Cross Way and Airport Drive.
“Sites of this size with high exposure are seldom offered to the market so the opportunity was highly sought after,” Mr March said.
“It was even made more desirable in the current market due to the vendor de-risking part of the site by obtaining development approval and a pre-lease to a national fuel and convenience operator,” he added.
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