Australia’s largest privately owned pet supplies retailer, PETstock, has leased a high profile showroom on the established Lawnton retail strip.
The property at 707 Gympie Road is situated approximately 25km north of the Brisbane CBD. The 1,000sqm freestanding showroom has been leased by PETstock for seven years plus options.
CBRE’s Large Format Retail specialists, Andrew Brimson and Damian Crocetti, leased the showroom on behalf of Excel Development Group.
Mr Brimson said the new site was a strategic addition to PETstock’s store network in South East Queensland and that the tenant was attracted to the property for a variety of reasons.
“707 Gympie Road provided a rare opportunity for PETstock to secure a prominent standalone showroom in this tightly held precinct, with exceptional exposure to high volumes of traffic and the ability to brand the entire building,” Mr Brimson said.
Excel Development Group’s General Manager Commercial, Candice Redmond said that PETstock will be an excellent addition to the retail mix within the popular retail precinct which includes successful national brands Bunnings Warehouse, Amart Sports, Repco, Supercheap Auto and Chemist Warehouse.
“We are delighted to see PETstock take such a prominent position within the precinct and expect the company will do very well at this location,” Ms Redmond said.
The rental has not been disclosed by CBRE, however sources suggest that the site would have drawn a rental ranging between $200 per sqm and $250 per sqm per annum net, based on rentals achieved for showrooms in the precinct.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.