Bunnings Outgoing Hoppers Crossing Store, Melbourne, Sells For $14.6 million
A 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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