INVESTORS, developers and land bankers from across four states have battled to secure a prime Bayside commercial property which eventually sold for $13.5 million.
A local investor secured the purchase of Repco Max Capalaba, at 72–74 Redland Bay Rd, with the sale price achieving the sharpest yield for a freestanding large format retail (LFR) transaction in Queensland so far this year.
Industry experts say the outstanding result comes amid a growing investor appetite for quality LFR investments.
After a campaign jointly handled by Colliers’ Harry Dever and Tim McIntosh, and Stonebridge Property Group’s Rorey James, Kevin Tong and Tom Moreland on behalf of Kinglake Group, the deal was struck following a competitive Expressions of Interest campaign that attracted more than 200 enquiries and 12 formal offers.
Acquired for $9 million in 2024 by Kinglake Group, the property underwent a significant overhaul, with capital works to meet Repco’s operational requirements for its new-generation MAX store format.
Kinglake Group Director Harry Nettlefold said, “We secured the asset off-market, capitalising on limited supply in a well-established retail precinct just 25 minutes from Brisbane’s CBD. With significant exposure and strong national retailer demand, it presented a compelling opportunity.”
The high-exposure retail asset in Brisbane’s bayside growth corridor comprises a 1924sqm showroom and a brand-new lease to Repco, a national automotive parts leader. It features a highly sought-after net lease with fixed annual rental reviews, providing income certainty and long-term growth.
Kinglake Group Director Jamie Allen said, “It was a good result given the time, effort and capital invested in upgrading the building to suit Repco’s needs. The outcome validates our strategy of targeting value-add retail assets in tightly held corridors.”
Colliers Queensland Retail Middle Markets Associate Director Harry Dever said, “This result highlights the sustained demand for premium retail assets underpinned by strong tenant covenants.
“With over 200 enquiries and 12 formal offers, the campaign was highly competitive.
“Four groups progressed to the second round, all submitting sub-6% offers, with the asset ultimately secured
via a cash unconditional contract, setting a new benchmark for freestanding large format retail assets in Queensland.”
Stonebridge Partner, Rorey James said, “We saw buyers represented from four different states, comprising investors, developers and land bankers, a clear sign that they have been starved of high-quality opportunities and are willing to be very flexible about what and where to invest their money in the current market.
“Activity from all buyer types has increased over the recent months which has been buoyed by recent and further forecasted interest rate cuts.”
