Negotiations underway for sale of Norman Gardens’ Capricorn Square

A deal is said to be “very close” with a Brisbane-based group interested in purchasing a vacant block of development land for a future shopping centre in Central Queensland. DETAILS.

The site of Capricorn Square at 1-3 Nagle Dr, Norman Gardens. Picture: Aden Stokes

Negotiations are underway with a Brisbane-based group interested in purchasing a vacant block of development land for a future shopping centre in the North Rockhampton suburb Norman Gardens.

Part of a wider mixed-used development on the corner of Norman Rd and Nagle Dr, the 3620 sqm block subdivided for a childcare centre was to go to public auction in February.

Next Commercial Sydney director Anthony Bray said the property was withdrawn several days before the auction because “terms of a purchase was agreed with our vendor and a prospective purchasing group”.

“I cannot disclose a number,” he said.

“We have been negotiating every week since February with the group and our vendors in order to satisfy a satisfactory outcome of purchase.

“We are hopeful day by day we will secure the transaction.

Capricorn Square, 1-3 Nagle Dr, Norman Gardens. Picture: Contributed

“We are getting very close.”

The vacant site has development approval for a shopping centre to include supermarket, retail stores, swim school, service station, medical services and food and beverage outlet with parking for 169 vehicles, along with a 130-place single-level childcare centre, with parking for 33 vehicles.

The shopping centre development has been the subject of talks for a long time and was first approved by council in 2018.

Next Commercial Sydney took over the listing in December 2023 to “take the property to a national market”.

Mr Bray said upon being appointed the property he rebranded it from Norman Gardens Village Centre to Capricorn Square.

“I just needed to give it a fresh face,” he said.

The site of Capricorn Square at 1-3 Nagle Dr, Norman Gardens. Picture: Aden Stokes

Mr Bray said the team had spoken to about 10 national groups, with strong inquiry from Victoria.

He said the interested purchaser was a Brisbane-based group.

“From our best understanding, the purchaser will undertake the development of the approval that’s in place,” he said.

The Morning Bulletin reported in July 2023 that a real estate listing, from KD Special Projects, stated “prominent national tenants” include Foodworks, Liquor Legends and Fish ‘n’ Flips swim school.

Mr Bray said those three tenants still remained.

“There is a precommitment in place for a Foodworks to underpin the shopping centre,” he said.

Capricorn Square, 1-3 Nagle Dr, Norman Gardens. Picture: Contributed

However, he said the interested purchaser “specifically wanted the opportunity to bring to the table their own operators”.

“That flexibility does exist for them,” he said.

“There are several fuel suppliers as well that are looking to operate the site.

“There have been several operators that have been looking to secure a lease over the childcare, but I believe one of the challenges has been the ability to staff the business.”

The site is currently owned by a Sydney-based company, Crab Investments, who purchased it in 2021 for $2.86 million.

A 29-lot subdivision is also under construction neighbouring the site.

The road attracts on average more than 15,000 vehicles in daily passing traffic.