Centennial Property Group has invested 52 million dollars to purchase the HomeCo retail centre in North Lakes to anchor the suburb’s future as a primary independent shopping destination for Brisbane families.
A Growing Hub for Local Families
The recent acquisition of the four-hectare site on North Lakes Drive marks a major shift for the area as it moves toward becoming a self-sustaining community hub. With the local population growing at 1.9 per cent, which is significantly faster than the national average, the demand for local services and household goods is rising.
This specific location was chosen because it sits in a land-constrained market, meaning there is limited room for new competing developments. The property is already a well-known landmark for residents, sitting in a busy cluster next to the major Westfield and visible to thousands of commuters travelling along the Bruce Highway each day.
Plans for Expansion and Rebranding
The new owners plan to rename the facility Home+ North Lakes as part of a broader strategy to serve the Moreton Bay region. Because the current buildings only cover 34 per cent of the total land, there is a significant amount of surplus space available for future construction. Centennial executives have indicated that this extra land provides a rare chance to build more shops or services to meet the needs of the community as more people move into the area.
This purchase follows other recent investments by the group in 2025, including the Portside Wharf precinct, showing a clear focus on high-growth Queensland locations.
Supporting the Moreton Bay Economy
The centre is already home to several national brands that locals rely on, such as Chemist Warehouse, Nick Scali, and Anaconda. These tenants represent 95 per cent of the income for the site, providing a stable foundation for the local economy. Industry experts noted that the area is particularly popular with young couples and families, with a median age of 35. This demographic typically seeks out lifestyle and hardware goods, which are the main focus of this retail centre.
Recent land sales in the surrounding area suggest that up to 1,400 new homes could be built nearby soon, further increasing the number of people who will use these local facilities.
Investor Confidence in the Region
When the opportunity to invest in this North Lakes site was first offered to wholesale backers, the interest was so high that the fund became oversubscribed before it officially closed. This level of interest reflects a strong belief in the long-term value of the Moreton Bay catchment area, which now services residents all the way from Brisbane’s outer suburbs up to the Sunshine Coast. Centennial leadership believes that securing such a high-quality asset in one of the fastest-growing urban corridors in the country will help protect against broader market changes while providing essential services to the growing population.
Published Date 26-February-2026
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