AV Jennings sells ex-Bunnings
AV Jennings has sold an ex-Bunnings warehouse after deciding to replace it with 761 apartments.
The 2.55 hectare Mixed Use 1 zoned holding, 1 Kellicar Road, Campbelltown, 300 metres from Macarthur train station, fetched $39.05 million – the highest auction result for a commercial property this year, according to the marketing agents.
With three other street frontages, it forms part of the seven hectare Kellicar Road precinct, a gateway to Campbelltown’s CBD.
It derives a holding income from two large format retail tenancies, with a total 14,293 square metres.
There are also 224 car parks.
AV Jennings agreed to buy the property in mid-2023 then obtained a permit for eight residential towers, some connected, between eight and 15 levels – a project pushed through planning by Urbis (continues below).
The holding was marketed for its potential to yield a denser project – a former scheme, proposed by ex-owners including Marketplace Shopping Centre owner Fort Street Real Estate and Morad Group, contained c1800 dwellings in buildings up to 25 storeys.
Fortius Funds Management also once owned the property, about 55 kilometres west of Sydney’s CBD.
Knight Frank’s Jeff Moxham and Mark Litwin with Stonebridge Real Estate’s Lincoln Blackledge and Steve James brokered the latest deal.
The campaign was converted to an auction after commencing as an expressions of interest.
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