News

Former Food & Entertainment Hub With Development Potential Comes Onto The Market

By Brendan King

The opportunity to purchase two adjoining freehold sites, with great development potential, along a
busy state arterial road, has now hit the market. Ray White Northern Corridor Group are pleased to
offer the former food and entertainment hub, 403-407 Elizabeth Avenue, Kippa-Ring for sale.
Located 18 minutes from North Lakes, the fastest growing area in Queensland as per the 2016
census, the 13,093m2 site consists of three buildings including two drive-thru buildings and a once
bustling bowling alley, creating a Total Building Area of 2,472m2 . The site boasts a large car park area
providing 86 car parks and a highly exposed 140m wide street frontage to Elizabeth Avenue. This
exposure includes three driveways for access.

The freehold site is zoned Suburban Neighbourhood and is being marketed to have strong
development/refurbishment potential. This potential is exacerbated by the walking distance from
Peninsular Fair Shopping Centre, Kippa-Ring Station and Kippa-Ring State School. Additionally, the
site is situated less than 10 minutes from Redcliffe Hospital, Clontarf industrial Estate and the
stunning Redcliffe waterfront.

Due to this site’s proximity to Kippa-Ring Station and Kippa-Ring State School, the potential
development has the opportunity to service a daily transport patronage of 2,000 people from both
the bus and train’s that travel inbound and outbound, as well as capture the attention of over
30,000 daily vehicle movements.

The potential redevelopment site will be assisted by The Moreton Bay City Council $655 million
2019/20 budget, which will provide more than $227 million for capital works with a focus on
community infrastructure and healthy and active lifestyle opportunities. This includes $112 million
on road and transport networks to improve connectivity, travel time and transport options, which
will increase vehicle traction through the area. Moreover, the addition of the $1 billion Redcliffe
Peninsula Rail Line which is estimated to service 618,000 residents by 2036 and 39 new residential
developments, creating more foot traffic within the Kippa-Ring area.

Ray White Northern Corridor Director- Commercial Principal Chris Massie has noted that this site is
amongst one of the stronger sites for potential development.
“The two-existing drive through sites will be an obvious drawcard for value-add developers to
generate immediate income while they reposition the main building.”

“We are seeing more confidence from traditionally passive investment groups, who are now willing
to look at value add properties like this.  Strong infrastructure investment and growth projections for
the Northern Corridor mean this confidence is likely well placed.” Ray White Northern Corridor
Group Associate Director Aaron Canavan said.

Expressions of interest close 4pm Thursday the 18th of March 2021.

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