QIC – which turns 30 next year – has sold a Bunnings investment in Robina, 10 kilometres south of Surfers Paradise.
The three hectare site at 57 Scottsdale Drive was built as a Masters store in 2014 and renovated four years later.
It includes a 12,803 square metre retail warehouse and 321 car parks.
Bunnings is committed until 2028; with options it can stay 44 years.
On the south west corner of Christine Avenue, the holding is zoned Special District which would allow for a variety of development options if vacant.
JLL’s Nick Willis and Jacob Swan brokered the deal.
The sale price isn’t yet known; assuming a yield between five and six per cent, it would be worth c$25-$30 million.
The Masters store reportedly cost nearly $16m to construct.
QIC acquired the 57 Scottsdale Dve land about 18 years ago with three neighbouring parcels – one which has made way for the Robina Home and Life Centre, with a Nick Scali, The Good Guys and The Reject Shop (story continues below).
About two km north west of these addresses, Primewest last month spent $7.25m on a childcare centre for a new income-focused fund.
Near to this, in September, Sydney’s Alceon banked $41.3m offloading an four level 6050 sqm office part pre-committed to Metricon.
Big month for Bunnings deals
This month, three other Bunnings outlets have sold, all in Sydney.
In the biggest deal, Charter Hall paid $70m for an Alexandria investment with plans to repurpose it as an industrial park when the hardware chain moves out.
A Canberra Raiders trust also traded a Seven Hills investment to a new HomeCo trust; the $56m price reflecting a 5.1pc yield.
EG outlaid $48.75m for Bunnings Rockdale, which is tenanted until 2023.