A prime development opportunity for two adjoining freehold sites along a busy arterial road has hit the market.
Ray White Commercial Northern Corridor Group are marketing the former food and entertainment hub, 403-407 Elizabeth Avenue, Kippa-Ring for sale.
Located 18 minutes from the fast-growing North Lakes, the 13,093sq m site comprises three buildings including two drive-thru buildings and a once-bustling bowling alley, creating a total building area of 2,472 square metres.
The suburban neighbourhood-zoned site boasts a large car park area providing 86 car parks and a highly-exposed 140m wide street frontage to Elizabeth Avenue. This exposure includes three driveways for access.
Ray White Commercial Northern Corridor Group commercial director and principal Chris Massie said the site is among one of the stronger sites for potential development.
"The two-existing drive-through sites will be an obvious drawcard for value-add developers to generate immediate income while they reposition the main building," Massie said.
"Due to this site’s proximity to Kippa-Ring Station and Kippa-Ring State School, the development has the opportunity to service a daily transport patronage of 2,000 people travelling inbound and outbound, as well as capture the attention of more than 30,000 daily vehicle movements."
In its 2019-20 budget, the Moreton Bay Council confirmed it will provide more than $227 million for capital works with a focus on community infrastructure and healthy and active lifestyle opportunities.
This includes $112 million on road and transport networks to improve connectivity, travel time and transport options, increasing vehicle movement through the area.
While the addition of the $1 billion Redcliffe Peninsula Rail Line is set to service 618,000 residents by 2036 and 39 new residential developments.
"Strong infrastructure investment and growth projections for the Northern Corridor mean this confidence is likely well placed." Ray White Commercial Northern Corridor Group associate director Aaron Canavan said.
"We are seeing more confidence from traditionally passive investment groups, who are now willing to look at value add properties like this."
The site is located within walking distance of the Peninsular Fair Shopping Centre, Kippa-Ring Station and Kippa-Ring State School and within 10 minutes of the Redcliffe Hospital, Clontarf industrial estate and the stunning Redcliffe waterfront.
Expressions of interest close 4pm, Thursday 18 March 2021 if not sold prior.
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