COMMERCIAL PROPERTY, SALES & LEASING

New Bunnings tipped to fetch high $30m

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A BRAND new Bunnings Warehouse in Clyde North is set to be the first completed on-market Bunnings store to be sold in metropolitan Melbourne since 2015.

Located within the fast growing south eastern corridor, the 16,634 sqm warehouse opened last month and is being offered with a new 12-year lease on settlement, and a net income of $1.9 million per annum with fixed annual reviews.

A price tag in the high $30 million range is possible.

The Bunnings is on a 3.765-hectare site on Berwick-Cranbourne Rd with four street frontages and at grade parking for 372 cars. It is a major tenant within MAB Corporation’s 30-hectare master planned Element Park development, and adjoins a new large format retail precinct of more than 8,500 sqm of retail space.

CBRE’s Justin Dowers, Mark Wizel and Kevin Tong are handling the expressions of interest campaign closing 12th November.

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