Bigger is better in North Lakes as sprawling $100m retail centre bulks up booming precinct

Retail property activity is still on the boil in the booming North Lakes precinct, with a string of national tenants securing space at Primewest’s new sprawling $100 million centre.

Aerial view of Primewest's large format retail centre at North Lakes.

SIZE matters in the large format retail hotspot of North Lakes along the fast growing corridor stretching north from Brisbane.

Retail property activity is still on the boil in the booming precinct, with a string of national tenants securing space at a new $100 million centre.

WA-based property giant Primewest’s retail development — the third and final stage of which was completed late last year — is already 95 per cent leased.

The sprawling centre at 958 North Lakes Drive comprises a total of 2.95ha of large format retail space.

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Among the latest deals, The Custom Sofa Centre has taken a five-year lease for 457sq m. It will be the retailer’s third store in southeast Queensland.

The leasing rate has not been disclosed but industry sources said the space would fetch $300-$400/sq m gross.

Other big brand retailers in the first two stages include Carpet Court, Outdoor Living, The Good Guys, Super Amart, Godfreys, PetStock, Spotlight, Anaconda, Supercheap Auto, Bedshed, Baby Bunting, Pillowtalk, Beacon Lighting and Kitchen Warehouse.

Leasing agent Chris Alcock from Colliers International said the final stage of the development had been successful because of the calibre of retailers that had committed to the first two stages, being some of the biggest brands in the homemaker centre space.

“The national tenants are prepared to sign long-term leases and cement their position in the market where there is sustainable population growth,” he said.

Primewest director John Bond — eldest son of the late former billionaire businessman, Alan Bond — said the company had joined major international operators like Westfield, Ikea and Costco in making North Lakes the ultimate, one-stop shopping destination.

“There has been unprecedented demand for large format retail in North Lakes and both our tenants and the customers are delighted with the centre,” he said.