Two Bunnings investments offered for sale
Two institutional grade Melbourne Bunnings investments hit the market this week.
In inner north east Collingwood, the philanthropic Holckner family can expect c$65 million for a double storey warehouse leased to the store at 179-201 Victoria Parade, also with frontage to Cromwell and Islington streets.
The seller paid Henkell Brothers, via a company, Hebo Australia, $30.7 for the 7000 sqm building in October, 2015.
On 5475 sqm, making it one of the largest bulky goods warehouses of its type close to the city, was years ago also held by Colonial Mutual.
Burgess Rawson’s Billy Holderhead, Yosh Mendis, Zomart He and Beau Coulter are representing the Holckner family, an arm of the Smorgons, which in 2016 sold the Alter family the ex-Country Road headquarters in Trenerry Crescent, Abbotsford, for $41m.
The Bunnings lease expires in 2027.
The hardware store presently pays annual net rent of $3.11m, they added.
Longer term the property has development upside, near to several 12 storey towers.
The listing comes three months since we reported Sydney based car importer Neville Crichton paid $18.3m for neighbouring showrooms next door to Bunnings, it is rumoured, for a Maserati dealership (story continues below).
Newmark lists Chadstone Homemaker Centre
The Collingwood Bunnings is one of two backed by the hardware chain to be listed this week – with Newmark Capital also offering the Chadstone Homemaker Centre, in the south east.
Containing 19,574 sqm, with multiple tenants, it occupies a 1.51 hectare Commercial 1 zoned site, which could also long term development upside.
Bunnings pays annual rent of $5.61m.
The property has been held in the Newmark Property REIT.
JLL’s Stuart Taylor, Nick Willis, Tom Noonan, Sam Hatcher and MingXuan Li with Stonebridge’s Justin Dowers, Philip Gartland and Kevin Tong are the agents.
Price expectations are over $80m.
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