Ready to sell: $10.5M retail precinct hits market
A massive business district is up for sale, includes a twist for buyers
Property
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A RETAIL precinct that was “developed to sell” has finally hit the market after four years of evolving and maturing.
The Queensland Times understands an Ipswich-based developer has made the call to list the 2.17-acre property for sale, calling for buyers in the $10.5M range.
Located at 442 Warwick Road, Yamanto, the precinct is home to six tenanted businesses, including Hungry Jacks, KFC and FantAsia.
Including a 1,200m2 patch of land, the property gives the new owner an opportunity to add to the precinct.
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Ray White real estate agent Elliot Kidd said the developer had been careful not to rush into selling the property despite having had the opportunity to during the past 18 months.
“They preferred to get the property all in order from planning, tenant and contract perspectives so it can all be done as efficiently as possible,” Mr Kidd said.
He said the property had been developed for the purpose of selling.
“Do they need to sell? No. But ultimately they’ve developed it to sell it and they’re at a point where they’re ready to reap the rewards of their labour,” he said.
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The precinct’s headlining retailers Hungry Jacks and KFC opened in 2016.
“Since then, it’s been a case of leasing out the spaces and fixing the traffic lights which have been an ongoing issue with the council and the developers have had to pay for,” Mr Kidd said.
“The property is now ready to sell.”
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