The mid format Bunnings store in North Penrith has sold to a Sydney private family for over $34.4M as the hunt for long WALE assets to quality tenants continues.
The 4.0ha site at the corner of Castlereagh Rd and Mullins Rd contains an 8,700sqm Bunnings warehouse with parking for 426 cars.
The off market sale by former owners, MRM Holdings, continues to demonstrate the strong support for Bunnings anchored tenancies.
In April 2020, Charter Hall set a new benchmark for Bunnings retail warehouses after acquiring a brand new 16,000sq m outlet in Melbourne’s south east on a yield of 4.5 per cent.
Bunnings have maintained strong sales growth during the Pandemic. Bunnings’ profits rose 13.9% to $1.85 billion in 2019-2020. The Group operate 380 hardware outlets around Australia, most of them in the ”big box” warehouse format, and is one of the best-performing businesses in the Wesfarmers stable.
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