Woolworths buys ex-school site from church
EXCLUSIVE
Woolworths’ development arm Fabcot has quietly bought a Brisbane growth corridor site from a church which held it for a school.
The supermarket giant paid $11 million for 180 Callaghan Road, Narangba, in the Moreton Bay region.
Spreading just over 9000 square metres, the parcel is surrounded by new and proposed housing estates – one we reported this week, to be delivered by Trask Land.
The seller was the Corporation of the Trustees of the Roman Catholic Archdiocese of Brisbane – or Catholic Archdiocese of Brisbane.
The holding formed part of a 13 hectare amalgamation acquired between 2017-2019 for a Prep-year 12 school, Narangba College, for Brisbane Catholic Education, construction of which was to have started five years ago.
Fabcot settled November.
Another supermarket deal
Fabcot is an active property purchaser and developer (continues below).
It also often divests product with a Woolworths leaseback – typically within a few years of them being built.
Last month we reported it sold a Cairns supermarket completed four years ago.
Late last year meanwhile, it bought a major town centre site in Melbourne’s west, from ex-local councillor Intaj Khan.
Woolworths also holds assets or buys properties from landlords – as it did earlier this year, for an outlet at Doncaster East, again in the Victorian capital.
Rival Coles adopts similar strategies; it recently paid $10m for an ex-BP to extend a Hampton, Melbourne, supermarket acquired in 2023 from its landlord of decades.
Narangba is 34 kilometres north of town.
Also this week, we reported Trask Land outlaid $19m for a low density housing estate site in the suburb, also on Callaghan Rd, near another it is developing adjacent to the Fabcot site, acquired in 2020.
Subscribe to our newsletter at the bottom of this page.
