Prime Site: Harvey Norman puts fizz into large format sector

ONE of Australia’s best-known retailers is planning to develop a large format centre in Brisbane after buying a site owned by a drinks giant.

RETAILER Harvey Norman is planning to build a large format centre in Brisbane’s south after buying a site owned by Japanese drinks giant Asahi Beverages.

Harvey Norman thought the precinct was a great opportunity to own the last available major holding along the Kessels Rd large format retail strip. Picture: Annette Dew

The 23,786sq m site at 572 and 588 Kessels Rd, Macgregor, features more than 10,000sq m of buildings occupied by Schweppes, a wholly owned subsidiary of Asahi.

Colliers International’s Anthony White, who negotiated the sale with colleague Matthew Frazer-Ryan, said Asahi will be relocating the production process to another facility they operate in Brisbane to create a more efficient manufacturing footprint.

“The site is situated in a fast-changing and popular large-format retail precinct and we received strong interest throughout the six weeks’ expression of interest campaign,” he said.

“The campaign generated over 80 inquiries and multiple offers from high net worth investors and developers. In the end Harvey Norman was the successful buyer.”

Property records indicate Harvey Norman paid $16 million for the site.

Mr Frazer-Ryan said Harvey Norman thought the precinct was a great opportunity to own the last available major holding along the Kessels Rd large format retail strip.

Retailer Harvey Norman paid $16 million for a 23,786sq m site at 572 and 588 Kessels Rd, Macgregor, where it will build a large format centre.

“They plan to build a large format centre on site that will offer opportunities for other tenants to join them,” he said.

The property features generous on-site car parking and more than 100m of Kessels Rd frontage.

“Sites of this size with main road exposure and high level of existing infrastructure in place are increasingly rare throughout Brisbane, particularly as residential rezoning has been prevalent,” Mr Frazer-Ryan said.

A spokesman for Harvey Norman said the company was expecting to push on with redevelopment of the site.