Amart Furniture founder John Van Lieshout has spent $17.5 million on a Macgregor large format retail complex.
The 1.11 hectare site, 520 Kessels Road, is fully leased, with a Weighted Average Lease Expiry (by income) of 3.84 years.
There are also 125 car parks.
Mr Van Lieshout owns neighbouring real estate; the latest acquisition increases his amalgamated holding to just over six ha.
Last month he outlaid $5.75m on a development site at 14 Maud St, Newstead – the former Federal Boot Factory – an 1821 sqm parcel part approved for a nine-level building with 52 apartments.
The businessman’s diversified portfolio also includes hotels, offices and industrial.
Macgregor is about 11 kilometres south east of Brisbane.
520 Kessels Road, Macgregor
Knight Frank’s Christian Sandstrom and Justin Bond closed an expressions of interest campaign for 520 Kessels Rd in March (story continues below).
Local and interstate investors contested, they added.
“Properties in this sought-after location, in the heart of the Kessels Rd commercial and retail precinct, are rarely offered for sale, so buyers were keen to seize the opportunity,” Mr Sandstrom said.
“Aside from the location, investors were looking to capitalise on the diverse tenant profile of the fully-leased property, as well as the WALE,” he added.
“The secure cashflow is underpinned by nine national and international tenants in the furniture, automotive, fitness and entertainment industries including Snooze, Mercedes Benz and Oz Design Furniture”.
Mr Bond said there were no major capex requirements, outstanding incentives or COVID relief agreements.
“While it’s a busy location with great exposure, it also offers excellent accessibility via the M3, Pacific and Ipswich Motorways and has an abundance of nearby complementary amenity including Westfield Garden City, Sunnybank Plaza, Market Square, QSAC and Nissan Arena,” according to the executive.
“We are seeing strong investor competition for quality opportunities in the market, which are limited at the moment”.