Bunnings converted Tesla dealership fetches $30m from Charter Hall

Charter Hall has purchased a renovated Telsa backed dealership in Sydney’s Miranda.

On 4530 square metres, the two level building at 100-104 Parraweena Road (Google Street View image, top) is trading for $29.8 million, reflecting a four per cent yield.

The vendor, Stamford Capital, acquired the property for $15m in late 2020 before repurposing what was once a small Bunnings.

It also secured the luxury car brand to a lease.

Charter Hall will hold the asset in its Direct Industrial Fund No 4 (story continues below).

Miranda is about 24 kilometres south of Sydney.

Last year we reported Event Hospitality and Management sold an office in the suburb, 201-203 Port Hacking Road, for $7.8m – a substantial rise on a $5.25m valuation three years earlier.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.