Kinglake Group recently made a significant profit by selling a large format retail investment property in Capalaba, Queensland. The property, located at 72-74 Redland Bay Road, was acquired by Kinglake for $9 million about 16 months ago. The site spans 4865 square meters and includes 52 car parks.
Repco, a division of GPC Asia Pacific, has become the occupier of the property, committing to a 10-year lease for the 1924 square meter building. The lease agreement includes fixed annual rent increases and requires the tenant to cover all outgoings, including land tax. Repco is using the space for its new generation MAX store format.
Kinglake successfully sold the property for $13.5 million, representing a 5.34% net passing yield. The sale was brokered by Stonebridge Property Group and Colliers International. According to Kinglake’s co-founder and director, Jamie Allen, the sale price achieved a local record at $7017 per square meter for the lettable area.
The transaction underscores Kinglake’s strategy of targeting value-add retail assets in strategic locations. This success follows the company’s previous sale of a showroom in Fawkner, Melbourne, and its recent acquisition of a large format retail property in Sunbury, Victoria.
Kinglake’s investment decisions have been driven by a focus on maximizing returns through strategic acquisitions and value-adding initiatives. The company’s ability to identify opportunities in the commercial property market has contributed to its growth and profitability.
Kinglake’s recent sale in Capalaba demonstrates the strength of the retail property market and the demand for well-located assets with secure, long-term tenants. The company’s track record of successful transactions positions it as a key player in the commercial real estate sector.
Overall, Kinglake’s ability to capitalize on market opportunities and generate strong returns highlights its expertise in property investment and management. The sale of the Capalaba asset reflects the company’s commitment to delivering value for its stakeholders and optimizing its property portfolio.
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