We are pleased to announce the sale of a prime mixed-use property comprising four sites in Raceview, featuring an established 21-tenancy retail centre and 16 one-bedroom residential units. This unique asset attracted significant interest due to its substantial development potential, driven by low site coverage and the opportunity for major refurbishment or future redevelopment.
Competitive Sales Campaign Underscores Strong Investor Demand
Sold via an Expressions of Interest (EOI) campaign, which generated over 60 enquiries, the competitive nature of the campaign underscores a strong demand for quality assets with development upside in the South-East Queensland (SEQ) market. Unison Projects emerged as the successful purchaser, securing all four properties in one line for $10.25 million.
Huge Growth Potential for Raceview Shopping Centre
The acquisition of Raceview Shopping Centre presents a prime opportunity for redevelopment, blending the stability of an established retail hub with huge growth potential. With a low site coverage ratio, the property is ideal for Unison Projects to explore options to amalgamate all four sites for a large-scale redevelopment or conduct a comprehensive refurbishment that capitalises on its position as Raceview’s main provider of essential services.
Anchored by Ipswich’s Future-focused Development Plans
Currently experiencing the highest rate of growth of any south-east council in Queensland, Ipswich’s population is projected to double over the next two decades, positioning Raceview Shopping Village to benefit from several transformative infrastructure projects in the pipeline.
The Ipswich to Springfield Transport Corridor is set to enhance connectivity across the region providing new and improved public transit solutions, while the $300 million Nicholas Street Precinct redevelopment will become the revitalised heart of Ipswich. Additionally, the $1.5 billion Ripley Town Centre master plan highlights the area’s strong investment appeal and growth trajectory.
Appointed for Leasing and Property Management
Following the sale, Blue Commercial is now actively managing the leasing of vacant tenancies and the ongoing property management of Raceview Shopping Centre upon settlement. As the area’s population and infrastructure continue to grow, we are excited to support local businesses and provide essential services through this key community hub.
We look forward to working closely with both Unison Projects and future tenants to ensure the success of this landmark site as it continues to evolve.