Prime position in Kippa-Ring to be occupied by discount retailer
May 11, 2012
Discount store Sam’s Warehouse is set to open a new store in a prime position in Kippa-Ring after taking on a lease for a property situated on the suburb’s main strip, Anzac Avenue.
The 2000sq m warehouse building, which sits on 3445sq m of land at 250 Anzac Avenue, is owned by a private buyer who operated a franchise of hardware store Mitre 10 at the property, which will now close down.
Colliers International negotiated the lease of the Kippa-Ring property, which saw the Sam’s Warehouse parent company Retail Adventures take on a six-year lease with a five-year option for $400,000 plus GST. Retail Adventures will now undertake a substantial refurbishment of the property, with an estimation it will spend in excess of $500,000 on a new fitout.
Hunter Higgins of Colliers International said Retail Adventures had operated a Crazy Clark’s store in Kippa-Ring Village, but it was forced to relocate due to a building refurbishment, and when it saw the opportunity to open a store in a prime freestanding location directly fronting the main arterial road for Kippa-Ring, it jumped on the opportunity.
“There is plenty of demand for this type of retail offering in Kippa-Ring and the property at 250 Anzac Avenue is in a premium location in the area – it has direct exposure and access to Anzac Avenue, which is the main arterial and commercial hub of Kippa-Ring,” he said.
“This property adjoins the Peninsula Fair Shopping Centre and is next door to a new Dan Murphy’s, as well as being in close proximity to a high volume of major national retailers including Hungry Jacks, Woolworths, Kmart, Best & Less, Video Ezy, Centrelink, Eagle Boys and Good Year Autocare.
“We had strong interest from potential tenants wanting to lease and occupy it, including a number of national retailers.”
Mr Higgins and Jock Murray, also of Colliers International, have been exclusively appointed to assist the sale of the asset when it is ready to be launched into the market.
Mr Higgins said now a new lease had been signed for the Kippa-Ring property and a new fitout underway, it was the perfect package for an investor and the intention was to take the asset to the market for sale as such.
“This is being offered on a silver platter to investors looking to buy a solid asset in the Moreton Bay area,” he said.
“In particular, there is a major benefit in having a publicly-listed entity tenanting the property - it provides good security for investors interested in purchasing the property.”
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