Byron Griffith profits from ex-Bunnings sell-down
Byron Griffith has turned around an impressive profit selling down a former Bunnings outlet south of Wollongong after a repurpose completed in December.
This week, the Brisbane developer’s Griffith Group reaped $37.75 million – a blended 4.47 per cent yield – from five fast food outlets on pad sites, part of the Bayview Centre, at Warrawong.
In the priciest deal, a McDonald’s fetched $12.85m (a 4.1pc return).
This was followed by a Hungry Jack’s ($7.6m, on a four per cent yield), Starbucks ($6.2m, a 4.65pc return), a combined Dominos and Liquorland ($6m, trading after auction), and an Opporto ($5.1m, a 4.8pc yield).
Burgess Rawson’s Yosh Mendis was the agent.
Profitable sell down
Byron Griffith paid Blackstone $35m for the 3.6ha Warrawong property, 88 King Street, 2020 (story continues below).
Bunnings later moved to Port Kembla.
The renovation is mooted to have cost about $25m.
Griffith Group recently sold the balance – the former Bunnings warehouse, now a large format retail investment – to MLC for $57m (a 5.75pc yield) bringing the total value of the sell down to $94.75m.
Warrawong is about eight kilometres from Wollongong.
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