RetailHarrison CaithnessThu 25 Jun 26
Melbourne Interests Trade South-East Queensland Bunnings for $50m
A Bunnings warehouse in South-East Queensland, has changed hands for $50 million.
Melbourne-based property fund manager MPG sold the property to an investment mandate managed by MA Financial. Both are Victorian-based interests.
MPG acquired the property for $32.4 million in 2016.
The asset, Bundamba Bunnings, is on the corner of Agnes and Mining streets off Brisbane Road, 3km east of the Ipswich CBD and 36km from the Brisbane CBD.
The more-than-14,000sq m warehouse was built in 2016 at a cost of $44 million on the 2.35ha site that is within SEQ’s Western Growth Corridor.
CBRE’s Joe Tynan told media that the population in the Western Growth Corridor was expected to almost double to more than 243,000 by 2041.
Tynan and Michael Hedger of CBRE and JLL’s Ned McKendry, Jacob Swan and Stuart Taylor handled the sale.
McKendry said the number of interested private and institutional investor interest in the asset had reflected the “scarcity of modern, purpose-built hardware of this quality on a substantial, strategically zoned landholding”.
Taylor said the sale also underlined the willingness of potential buyers to look interstate to secure investments in a “limited pool” of quality stock.
Following traditional Queenslander building designs, the Bundamba warehouse was built to be flood-resistant by elevating it on columns above a car park.
Bunnings Group Limited holds the lease on the property for a 3 per cent fixed annual rent increases over the next 14 years, or to 2060 with options.
The Bundamba warehouse was the first Bunnings sold this year.
MPG Funds Management managing director Brett Gorman told media the sale was an excellent result for their investors.
