De Luca offloads Bunnings Plainland
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.
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.
Subscribe to our newsletter at the bottom of this page.
