BWP sells vacant Bunnings store
BWP Trust, which predominantly invests in Bunnings backed real estate, has sold a vacant north east Perth store.
The 1.84 hectare property, 65-79 Russell Street, Morley, curried favour with Austern Building Supplies, which has moved in after refitting it for a showroom.
The local business paid $19.5 million following a campaign targeting developers.
Diagonally adjacent to the Morley Galleria, zoned within the Morley Activity Centre, with no height restriction, it was promoted for its potential for a major apartment based mixed use project.
An industrial conversion could also be considered.
Colliers James Wilson, Richard Cash and Aiden Auten were the agents.
The deal comes two months since we reported BWP Trust sold Centuria, also ASX-listed, a Bunnings backed homemaker centre in Melbourne’s Chadstone.
The asset manager has also recently divested NSW assets, in Belmont North, Newcastle, and Wollongong (continues below).
Morley site fetches $19.5m
Developed by BBC Hardware in 1999, the Morley asset, with 10,303 square metres, was acquired by the trust in mid-2005.
Also with 202 car par parks, the land is gazetted Morley City Centre – Central R80 – which allows for multiple high density residential buildings.
Bunnings ceased operating at the site in mid-2020 when it was then leased to the federal government for a drive-thru COVID testing facility then for a voting centre.
Morley is about nine kilometres from town.
Subscribe to our newsletter at the bottom of this page.
