Melbourne fund manager sells Brisbane Bunnings
MPG Funds Management has quietly sold a Bunnings backed investment after a decade.
The 2.35 hectare store at the corner of Brisbane and Mining streets, Bundamba, collected just over $50 million from a private investor, also based in Melbourne.
The hardware giant is on a lease expiring with 2039 or, with options, in 2060, for the 14,228 square metre warehouse.
The lease also sees rent rise three per cent a year.
MPG paid $32.4m.
CBRE’s Joe Tynan and Michael Hedger with JLL’s Ned McKendry, Jacob Swan and Stuart Taylor were the agents.
“The Bundamba store occupies a prominent corner position within Ipswich’s eastern industrial and retail corridor, servicing one of south-east Queensland’s fastest-growing population catchments,” they said.
Bundamba is about 35 kilometres south west of Brisbane’s CBD and six kilometres east of Ipswich (continues below).
Another Bunnings sale
The deal comes five months since we reported the Schiavello family paid $49.5m for the Bunnings Epping store, in Melbourne.
David Feldman was that seller.
He outlaid $36.3m in 2015.
Also recently, the Schiavello family paid $44m for the Bunnings Clyde North store – also in Melbourne.
Charter Hall was that vendor having paid $42.3m in 2020 with a 12 year leaseback.
Subscribe to our newsletter at the bottom of this page.
