Charter Hall sells Melbourne growth corridor Bunnings
Charter Hall is quietly selling a major Bunnings warehouse bought near-new in January, 2020.
The asset manager is banking $44 million from the Schiavello family for 46S Hamersley Drive, Clyde North, in the Cardinia growth corridor.
It paid the hardware retailer $42.3m – a 4.5 per cent yield – for the four month old centre with a 12 year leaseback.
On 3.8 hectares, the complex contains 16,634 square metres and 372 car parks, at the entrance to MAB’s 38ha Element Park industrial estate.
The disposal reflects a 4.9pc return.
The deal comes three months since we reported Charter Hall sold the Newcastle City Council a Bunnings backed investment at Taree.
Last November meanwhile, for a fund managed for VMFC – which manages 32 Victorian public service authorities – and Telstra Super, the asset manager shed a Shellharbour outlet leased to the hardware giant, at Albion Park.
Colliers’ Tim McIntosh and Will Heffernan marketed the Clyde North property.
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