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Bike retailer 99 Bikes has purchased two properties in one line in Bowen Hills, Brisbane, for $5,550,000.
The retailer purchased the two properties located at 62-66 Abbotsford Road with plans to combine the two sites into one brand new store.
The new location will replace the company's stores in Fortitude Valley and Windsor in addition to housing administration, logistics, and warehousing needs for the business.
Gregory Woods and Daniel Pepper of Savills negotiated the deal which attracted 111 enquiries.
"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," says Woods.
"Fortunately, the seller also owned some adjoining properties which is what prompted the sale of 62-66 Abbotsford off-market."
Pepper says businesses are attracted to Bowen Hills thanks 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," says Pepper.
The new Bowen Hills store will open on Thursday 20 June 2018, with the online warehouse up and running from the location already. Once the store itself is open the company is going to offer click and collect services.
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Business News Australia
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