A development site and former ALDI store in the tightly held area of  Capalaba has sold to Sydney Tools for $6,500,000, achieving the sharpest sqm rate for a vacant Queensland supermarket on record. 

Transacted through an on-market campaign by the Colliers Queensland team of Harry Dever and Hunter Higgins on behalf of ALDI Australia, the expansive 4,266sqm site is located at 35-37 Mount  Cotton Road, Capalaba. 

The campaign garnered extremely strong interest and generated over 140 enquiries, with 17 bids, 10  formal offers and over $83 million in value of unsatisfied capital. It engaged a wide range of  developers, investors and owner occupiers across multiple sectors.  

Colliers Retail Middle Markets Associate Director Harry Dever said “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  underserviced catchments”. 

“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,” Harry Dever added. 

Colliers Queensland Investment Services National Director Hunter Higgins said “The former ALDI  supermarket, located 20 kilometres southeast of Brisbane CBD, was sold as a premier owner  occupier/value-add opportunity”. 

“The strategic single level 1,266 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,”  Hunter Higgins 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.”

“Selling for a gross lettable area rate of $5,134/m2 and land rate of $1523/m2 this was a great result for  the buyer and seller,” Hunter Higgins added. 

The centre is positioned at the intersection of major arterial Moreton Bay Road and Mount Cotton  Road, located 20km southeast of Brisbane CBD and 70km north of the Gold Coast. 

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