The run of high-profile retail transactions in the Moreton Bay region is set to continue with the North Lakes Lifestyle Centre now being offered for sale by Ray White Commercial.
The 8000sqm mixed-use retail showroom complex at 4-8 Burke Crescent comprises 15 tenancies anchored by The School Locker (Harvey Norman) and 99 Bikes, with well-known Victorian-based Croc’s Playcentre recently committing to 1184sqm — the company’s first venture into the Queensland market.
“Our play centre comes fully equipped with a Muffin Break cafe, which is a major game-changer in the play centre industry,” Croc’s co-founder Brett Aldons says.
The recent sale of the nearby Officeworks at a record yield of 4.8 per cent is the latest in a string of tenanted transactions in the highly sought-after suburb, which is about 30km north of the Brisbane CBD.
The 1.8ha property is currently returning a net annual income of just over $1.73 million, making it one of the largest retail offerings in the tightly held precinct.
“The interest in North Lakes is justified,” Mr Massie says.
“When Ikea, Costco, Bunnings and all the other nationals invest as heavily as they have into one area, it gives an extra level of security that investors look for.”
The trend looks set to continue for the suburb recently voted Property Council of Australia’s Best Master Planned Community for 2017.
Latest ABS figures estimate a 31 per cent growth for North Lakes over the next decade with expectations that total consumer spend potential will reach over $600 million per annum by 2031.
With an average household income 12 per cent higher than the Greater Brisbane average, it seems interest will remain strong from tenants and investors alike, Mr Massie says.