Redevelopment site and former Bunnings Warehouse sells for $20.5 million

The 4.038-hectare site in Lake Macquarie attracted competitive bidding from developers and owner occupiers

A Belmont North Development Site and former 12,820sqm Bunnings Warehouse has sold to a retail developer for $20.5 million.

The site, situated at 393 Pacific Highway in Lake Macquarie, on an expansive land holding of 40,380sqm, provides an excellent repositioning opportunity for industrial, retail or mixed-use usages (Subject to Council Approval) and was sold by James Wilson and Ben Wilkinson of Colliers, on behalf of BWP Trust.

The on-market campaign garnered extremely strong interest and generated over 150 enquiries, with 11 offers and over $170 million in value of unsatisfied capital. It engaged a wide range of developers and owner occupiers across the Large Format Retail, Entertainment, Retail, Industrial and Storage Sectors.

“The exceptionally strong depth of market competing for the site highlights the strategic value Bunnings Warehouse offer investors both as a tenanted investment, and the flexibility for an alternative use including in the Retail, Industrial, Storage or Large Format Retail Sector,” said James Wilson.

“Investor appetite was underpinned by the building and construction efficiencies provided by the site, which included the site already being benched and levelled, with convenient access via a signalised intersection to the Pacific Highway. Further, the existing 12,820sqm warehouse and 290 on-grade car park allowed for investors to reposition the site quickly,” said Ben Wilkinson.

Situated only 15km south-west of the Newcastle CBD, the Lake Macquarie region is a popular tourist destination with 1.3 million international and domestic visitors every year. The main trade area retail spending is forecast to reach $3.38 billion by 2041, growing at an average annual rate of 2.8%, supported by strong underlying population growth.