Queensland developer Nic De Luca has sold a Bunnings-leased warehouse in Brisbane’s Lawnton for $18.68 million.
The doors to the property (pictured, top) only opened eight weeks ago.
The store replaced a former outlet occupied by Howard Smith/BBC Hardware– a business Bunnings acquired in 2001.
The new complex is 41 per cent bigger than the last and offers 56 more car spaces.
The 6784 square metre building on a 1.3 hectare block was offered with a 10-year lease to Bunnings which has renewal options.
The sale price reflects a 4.69 per cent passing yield.
Lawnton, about 21 kilometres north of the Brisbane CBD, is considered a gateway suburb of the Moreton Bay region, where the population has increased 39 per cent over the past 13 years.
Mr De Luca has constructed 24 stores for Bunnings since 2008.
In May, Mr De Luca sold another of these investments: Bunnings Kingaroy at 2 Walter Road traded for $14.55 million.