New shopping centre plans to deliver retail convenience after Mango Hill deal sealed

Development site deal seals plans for new supermarket-anchored convenience retail centre at Mango Hill.

The Mango Hill development site (marked) snapped up by a local developer who plans to build a retail convenience centre.

A SUPERMARKET-anchored convenience retail centre is ripe for development in Brisbane’s burgeoning northern outskirts after a deal was sealed on a Mango Hill site.

The 12,300sq m parcel of land has been snapped up by a local developer in a $3.92 million deal negotiated by Savills’ Peter Tyson and Michael Harcourt.

It sits at the corner of two main collector roads in the heart of the Capestone master planned community and was sold with a development approval in place for a total lettable area of 4646sq m, including a convenience-based shopping centre with a 1800sq m supermarket.

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Mr Tyson said the property sold via a discreet private placement campaign that received strong interest from select developers who recognised the full potential of the site.

“Development of the site is expected to fulfil a genuine lack of convenience retail in the Capestone Estate and broader Mango Hill area,” he said.

“The site occupies poll position in the Capestone community and will provide a real convenience alternative and point of difference to the congested North Lakes precinct.”

The Capestone community is home to about 6000 residents in the growing suburb of Mango Hill, adjoining North Lakes, a satellite city within 25 radial kilometres north of the Brisbane CBD.”

Mr Harcourt said the purchaser had plans to deliver much-needed local amenity to Capestone and Mango Hill residents.

“In addition to a large supermarket and medical offering, the development is proposed to incorporate a food and beverage-anchored lifestyle precinct overlooking Capestone’s Central Lake,” he said.