A Northgate Industrial property offering a development opportunity on a high-profile corner site in Northgate sold for more than $6 million. The deal was negotiated by Tom Barr and Paul Anderson of Ray White Commercial Queensland in conjunction with Jason March and Blake Goddard of Knight Frank.

De Luca Properties purchased the 7,994sq m property at 185 Toombul Road from Northgate Industrial Project Pty Ltd for $6.65 million in a deal negotiated by Tom Barr and Paul Anderson of Ray White Commercial Queensland in conjunction with Jason March and Blake Goddard of Knight Frank.

Part of the property (2,337sq m) is pre-committed to a 7-Eleven on a 12-year initial lease term with four five-year options with development approval in place for the building, while the remaining 5,657sq is surplus land with development potential.

Situated on a corner site, with frontage to both Toombul Road and Holland Street, the industrial property is located on a major link arterial road in an emerging urban renewal precinct, just 200 metres from the train station.

At a glance: 

• A 7,994sq m property at 185 Toombul Road in Northgate has sold for $6.65m
• De Luca Corporation purchased the property from Northgate Industrial Project Pty Ltd
• The deal was negotiated by Ray White Commercial Queensland and Knight Frank
• The high exposure of the site and a pre-commitment and development approval for a 7/11 
  resulted in more than 100 enquiries and 14 written offers during the Offers to Purchase campaign

It is currently occupied by multiple industrial buildings of varying sizes, with a large hardstand area.

Mr March said the high exposure of the site and its lease to 7/11 attracted both developers and investors during the Offers to Purchase campaign, which resulted in more than 100 enquiries and 14 written offers.

“Sites of this size with high exposure are seldom offered to the market so the opportunity was highly sought after,” he said.

“It was even made even more desirable in the current market due to the vendor de-risking part of the site by obtaining development approval and a pre-lease to a national fuel and convenience operator.”

Mr March said with large amounts of passing traffic, the site’s location on a main thoroughfare servicing the local residential community and surrounding industrial precinct, was well suited to a 7/11 service station, with Knight Frank having negotiated the lease.

Mr Barr said “Ultimately the site was purchased by De Luca Corporation, which plans to deliver the service station and develop the remaining surplus land, building convenience retail space.

“The development market for convenience-style retail has remained particularly strong and we expect this will continue for the foreseeable future.

“As land becomes harder to unlock for developments of this nature, anything on market such as this site will perform well.”

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