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News in Wyndham

Bunnings Hoppers Crossing For Sale.

Bunnings

Image: realcommercial.com.au

  
   

Several potential buyers are showing interest in the Bunnings and Amart property in Melbourne’s Hoppers Crossing.

Krishna Bookings Open

Bunnings is situated in the biggest large format retail precinct in Victoria with a massive site size of 55,387 square meters.

There have been only four Bunnings warehouses listed for public sale this year with Hoppers Crossing being the fifth. There has been no mention of a price estimate, but Burgess Rawson states it is the best Bunnings investment ever available for sale.

“Given the scale of the Bunnings store, the quality of its location, forecast growth in the trade catchment, size of the landholding and its robust lease structure, we’ve backed the property as the best Bunnings freehold ever offered on the open market,” Burgess Rawson partner Billy Holderhead said.

Mr Holderhead also described it as a “once in a lifetime” opportunity, expecting whoever bought the Bunnings site from the family that has owned the property for decades might “never let go of it”.

Image: realcommercial.com.au

Although some commercial property investors are hesitant due to the current economic situation, Bunnings Hoppers Crossing should see strong competition.

“Others are saying ‘this is probably never going to be sold again in my lifetime so regardless of what the market’s doing I’m going to have to have a really good look at it and compete pretty hard for it’.

Burgess Rawson agents have spoken to 146 groups about the Bunnings and Amart site so far in the initial stages of the expressions of interest campaign, Mr Holderhead said.

With five additional five-year options, Bunnings Hoppers Crossing has a net lease up until September 2028.

According to Mr Holderhead, the rent will be increased at a fixed rate of 3% each year.