Commercial and residential property news
AXIOM Properties has sold a freestanding Bunnings warehouse outlet in Islington, South Australia, to a private investor for $18.8 million.
The 12,600 square metre property includes a building leased to the Wesfarmers owned hardware retailer for 15 years, with two further five year options.
Bunnings started trading from the Islington store three months ago.
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HARDWARE giant Bunnings has paid $20.6 million for two hectares of land in the Brisbane suburb of Newstead. The Wesfarmers
Read moreA BUNNINGS trust has sold a prominent Hoppers Crossing warehouse to a local private investor for $14.6 million.
Based on the $1.23 million annual rent the Bunnings store pays, the 2.7-hectare site, with a 8500 square metre warehouse and 310 car park bays, sold on a yield of 8.45 per cent.
Bunnings is committed to 163-169 Old Geelong Road until March 2020, when it will reportedly relocate to an as yet unbuilt warehouse nearby.
According to CBRE selling agent Justin Dowers, who marketed the asset with Mark Wizel, new Bunnings stores including those in Vermont South and in Mentone (which is nearing construction), at between 16,000 and 18,000 square metres, are about twice the size of the Hoppers Crossing store.
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ANOTHER Wesfarmers subsidiary is playing “reluctant” property developer, by substantially improving the profitability of a prominent Doncaster site it bought to build a Bunnings warehouse.
The 1.1 hectare development site, abutting the massive Westfield Shoppingtown complex, may now be replaced with a $200 million mixed use complex including a multi-level Bunnings store, car park, and 350-unit residential tower, it is speculated could rise some 20 levels.
Bunnings paid $25 million for the collection of adjoining properties bound by Doncaster Road, Tower and Council streets in 2011, saying at the time the supersite would only be replaced with a hardware store, to complement the shopping centre next door.
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HARDWARE giant Bunnings is believed to have paid about $25 million for a collection of adjoining sites abutting a major entrance of Westfield Doncaster shopping centre, about 14 kilometres east of town.
The ASX listed company is planning to build a warehouse on the 1.1 hectare supersite though a permit request has not yet been lodged with council.
Bunning’s parcel includes a 5250 square metre former service station site at 659 – 667 Doncaster Road which was until recently earmarked to become a major apartment tower. It also acquired the site next door, a 7-Eleven convenience store, at 669 – 671 Doncaster Road at the north-west corner of Council Street.
Read moreBUNNINGS, Mitre 10…or Woolworths?
The supermarket giant this week announced it entered into an equity agreement with US-based Lowe’s Companies Inc, to buy Australia’s second largest hardware retailer Danks Holdings, which controls brands like Thrifty Link and Home Hardware.
The move, which is subject to regulatory approval and a minimum 90 per cent acceptance from shareholders, will see Woolworths enter the lucrative Australian hardware sector.
Read moreAUSTRALIA Post is hoping to achieve a price of about $21 million from the sale of a city fringe bulky goods asset, that was once owner occupied by the government arm.
Bunnings has refurbished the 10,600 square metre building, on a 3.3 hectare block and signed a 12 year lease. CB Richard Ellis is the marketing agent.
Previously, Australia Post used the 501 Williamstown Road facility as a logistics centre.
Read moreONE of Melbourne Dockland’s most prominent, but undeveloped sites, will be converted into a Bunnings store. The Wesfarmers subsidiary will
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