Rocky Bunnings Sells for $43M24 November 2019
The Charter Hall Long Wale Hardware Partnership has sold the new Bunnings Homemaker Centre in Norman Park for $43M.
Charter Hall acquired the 5.5ha site in 2017 as part of the portfolio of ex-Masters sites owned by the Home Consortium.
The conversion to Bunnings was completed in 2018 with the hardware giant occupying 76% of the asset under a lease until 2030 and options to 2078.
The Bunnings store is also supported by 4,268sqm of freestanding retail tenancies which are currently tenanted to Autobarn, Freddy's Fishing World & Outdoors and Petstock.
The whole complex fully tenanted brings in over $2.6 million per annum, resulting in a yield of 6% for the purchaser.
The transaction was managed by Savills.