De Luca offloads Bunnings Plainland

Bunnings Plainland’s catchment of 48,430 is set to rise 31 per cent by 2041.

De Luca Corporation has sold a Bunnings investment in Plainland, about 60 kilometres west of Brisbane.

The price achieved for 4404 Warrego Highway – $22.2 million – reflects a 4.21 per cent yield.

Bunnings opened the Plainland store on June 5.

It was the most valuable asset to sell at a Burgess Rawson portfolio auction event today.

Billy Holderhead, Beau Coulter, Jamie Perlinger and Glenn Conridge said the result was 11 per cent over reserve.

The only other Bunnings-backed investment to trade for a tighter return, they said, was in 2018, when the Royal Agricultural Society of Tasmania sold a Glenorchy outlet at a 3.12pc yield ($14.06m).

The Plainland sale comes a week since the vendor, directed by Nic De Luca, paid $6.65m for a convenience retail development site in Northgate, about 11 km north of Brisbane.

In mid-2019, the investor sold a Bunnings outlet at Lawnton, about 25 km north west of town, for $18.68m (story continues below).

Bunnings Plainland

The 9421 square metre Plainland investment was developed on a 2.16 hectare site De Luca purchased from Maddison Ridge for $3.25m last year.

Bunnings only opened there two weeks ago. Its initial lease is 10 years.

The property is surrounded by fast food outlets – Hungry Jack’s, KFC and McDonald’s – as well as an Aldi and Woolworths.

The primary trade area population, according to the agents, is 48,430 and expected to rise 31pc by 2041.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of