Bunnings has quietly sold the prime Hervey Bay site it picked up 11 years ago to keep then-rival Masters out.
The group is understood to be banking about $10 million – the price it paid – from the three hectare Pialba parcel at 200 Boat Harbour Drive.
The buyer, Spotlight Retail Group, is intending a $60m bulky goods retail centre, about 40 per cent of which will be occupied by two of its businesses.
Co-owner and deputy chairman Zac Fried said the investment is expected to open in 2023.
The purchase comes five years since the executive, in a partnership including his uncle and SRG shareholder Morry Fraid, with Chemist Warehouse co-owners, picked up dozens of ex-Masters stores which have since made way for Home Consortium malls.
Earlier this month, we reported Bunnings listed for sale its incoming Hervey Bay outlet, which is under construction.
The hardware store’s outgoing c11,200 square metre warehouse – opposite 200 Boat Harbour Dve – will make way for a homemaker centre (story continues below).
Harris Scarfe to return to Hervey Bay
SRG was granted a permit to replace 200 Boat Harbour Dve last Wednesday.
The proposed centre – which is currently seeking tenants – will contain 17,000 sqm of area, part of which will accommodate a Spotlight store.
Another of its brands, Anaconda, will also be moving in; the complex’s 375-bay basement car park has been designed with a high clearance to cater for caravan owner customers.
Mr Fried added Harris Scarfe, which SRG acquired last year, will also be returning to the area, backfilling the existing Spotlight outlet at Stockland Hervey Bay, diagonally adjacent to 200 Boat Harbour Dve.