Consumer electronics and furniture retailer, Harvey Norman, has bought a major industrial landholding spanning 23,786sqm in MacGregor, south of Brisbane, with plans to build a large-format retail centre.

Redevelopment of the site is expected to start in the near term, according to a Harvey Norman spokesperson.

Matthew Frazer-Ryan of Colliers International, who negotiated the sale with colleague Anthony White, said the precinct was a great opportunity for the retailer, being the last available major holding along the Kessels Road large format retail strip.

“They plan to build a large format centre onsite that will offer opportunities for other tenants to join them,” Frazer-Ryan said.

“The strategic location of the site is vital for the future growth of their store footprint. MacGregor is a strong performing precinct and Harvey Norman will work over the medium term towards a development outcome that will add even more diversity for customers in this precinct,” he added.

Current tennant at the site, softdrink bottler Asahi Beverages will move from the 10000sqm industrial property.

“Asahi will be relocating the production process housed at MacGregor to another facility they operate in Brisbane to create a more efficient manufacturing footprint,” said White.

“The campaign generated over 80 enquiries and multiple offers from high net worth investors and developers,” he added.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.