Savills sell two Bowen Hills, Brisbane properties to 99 Bikes
National bike giant 99 Bikes has spent $5.5 million buying two adjoining properties in Brisbane's Bowen Hills.
They're set to consolidate two existing stores in to the one property at 62-66 Abbotsford Road.
Savills agents Gregory Woods and Daniel Pepper negotiated the deal, with 111 enquiries received throughout the campaign.
The new superstore is in replacement of the previous stores located in Fortitude Valley and Windsor, and will also house administration, logistics and warehousing needs for the business.
Woods said the building size and location was ideal for the retailer, with the high level of exposure a major draw card.
“We had originally taken the property next door to market, with 99 Bikes inspecting the facility, however they expressed a need for a larger space.
“Fortunately, the seller also owned some adjoining properties which is what prompted the sale of 62-66 Abbotsford off- market,” Mr Woods said.
The properties are situated on a total 2,028sq m site, achieving a rate of $3,309 per square meter by total building area of 1,662sq m.
Pepper said owner occupiers continue to be attracted to Bowen Hills, due to its underlying land value and future development potential.
“Evidenced by the significant enquiry we received throughout the campaign, we are seeing an increased interest in Bowen Hills due to the significant price disparity between neighbouring suburbs such as Newstead,” Mr Pepper said.
Managing Director of 99 Bikes, Matt Turner, said the new store is set to open on Thursday 20 June 2019, with the online warehouse up and running from the new location now.
“When the store opens there will be an extended range with express click and collect from the online store,” Mr Turner said.
