A large format retail property in Brisbane has been acquired for $57 million by Newmark REIT Management.

The purpose-built 2.8-hectare property features an 11,115sqm lettable area with a tenancy mix of national retailers including Officeworks, Sydney Tools and Supercheap Auto. It is located 20kms southeast of Brisbane’s CBD, adjacent to Bunnings Underwood on a busy corridor.

Newmark Capital’s joint MD, Chris Langford, said the property is of high value, located on significant land in a sizeable catchment area underpinned by leading national retailers.

Ed Cruickshank, NPR fund manager, said the acquisition “complemented” NPR’s strategy of providing investors with high-quality real estate.

The acquisition increases Newmark Property REIT’s portfolio to nine properties. The company expects settlement in early September this year, providing prospective tenants meet certain criteria.

The deal was negotiated off-market by CBRE’s Joe Tynan and Michael Hedger.