Kingaroy Bunnings for sale before it opens
KINGAROY'S Bunnings Warehouse is up for sale for $14 million before the store opens its doors for the first time on May 31.
The Australian Financial Review reported Queensland developer Nic De Luca, who has completed 24 projects for the Wesfarmers-owned chain in 11 years, has put the brand new Bunnings up for sale for about $14 million.
According to the AFR, it is being offered for sale with a 10-year lease, bringing in an annual rent of $800,000.
"Supply is extremely light on and demand is extremely hot for Bunnings freehold investments," marketer Billy Holderhead told the Australian Financial Review.
The Australian Financial Review reported the 7600-square-metre Kingaroy Bunnings has been developed on a 2.4 hectare portion of a 3.66 hectare site acquired by the De Luca Group last year for $2.43 million.
The appeal of Kingaroy Bunnings is the 3190sq m of expansion land that gives room for the store to expand in the future, according to Mr Holderhead.
"Only two of the 14 Bunnings to hit the open market since 2017 included land for on-site expansion," Mr Holderhead told the Australian Financial Review.
Kingaroy Bunnings is due to open on May 31 with an official launch on June 4, where Australian opening batsman and Kingaroy boy Matthew Hayden will cut the ribbon.