Major Aussie tools supplier snaps up Brisbane Aldi
The ALDI Australia supermarket site at 35-37 Mount Cotton Rd, Capalaba, has been bought by Sydney Tools.
One of Australia’s leading trade tool suppliers has snapped up a former ALDI supermarket in Brisbane’s outer eastern suburbs.
Sydney Tools paid $6.5m for the 4266 sqm site and purpose-built building at 33-37 Mount Cotton Rd, Capalaba, which they will rework into one of their trademark stores.
MORE: Billionaire wharf precinct developers’ latest move
Super fund Aware strikes Brisbane CBD office deal
The property had over 140 inquiries.
Colliers’ Harry Dever and Hunter Higgins sold the property on behalf of ALDI Australia in a
campaign that generated over 140 inquiries, with 17 bids, 10 formal offers and over $83 million in value of unsatisfied capital.
Mr Dever said the campaign attracted a wide range of developers, investors and owner-occupiers across multiple sectors.
“The exceptionally strong depth of market competing for the former ALDI Capalaba highlights the demand for investors, owner occupiers and developers looking for high-profile existing built-form structures, located in tightly held under-serviced catchments,” he said.
MORE: Investors pocket $1m-plus jump in value off busy Repco site
Bridal business says `I do’ to neighbour amid major growth
There is a surge in demand for existing facilities.
“In today’s competitive development landscape, elevated construction costs and a limited pool of viable opportunities create significant barriers to entry.
“As a result, we’re witnessing a surge in demand from investors for de-risked existing facilities like the former ALDI at Capalaba.”
The ALDI supermarket was closed last year and the company now operates from a larger store in the nearby Capalaba Park Shopping Centre.
The sale realised a gross lettable area rate of $5134/sqm and a land rate of $1523/sqm.
Interest in the site formerly occupied by Aldi came from healthcare, large format retail, office, storage, childcare and a tavern.
Mr Higgins said the former ALDI supermarket was 20km southeast of Brisbane CBD and was sold as a premier owner occupier/value-add opportunity.
“The strategic single level 1266 sqm former supermarket building occupying a prime site in the heart of a tightly held corridor allowed for a wide array of repositioning and redevelopment opportunities,” he said.
“We saw a range of sectors interested in the site from healthcare, large format retail, office, storage, childcare and a tavern, but ultimately Sydney Tools snapped it up as an owner occupied site.
“Rarely do investments like this come up for sale in this highly sought after area, which led to strong interest in the campaign.”
