A Bunnings warehouse in South-East Queensland, has changed hands for $50 million.<\/p>\n
Melbourne-based property fund manager MPG sold the property to an investment mandate managed by MA Financial. Both are Victorian-based interests.<\/p>\n
MPG acquired the property for $32.4 million in 2016.<\/p>\n
The asset, Bundamba Bunnings, is on the corner of Agnes and Mining streets off Brisbane Road, 3km east of the Ipswich CBD and 36km from the Brisbane CBD.<\/p>\n
The more-than-14,000sq m warehouse was built in 2016 at a cost of $44 million on the 2.35ha site that is within SEQ\u2019s Western Growth Corridor.<\/p>\n
CBRE\u2019s Joe Tynan told media that the population in the Western Growth Corridor was expected to almost double to more than 243,000 by 2041.<\/p>\n
Tynan and Michael Hedger of CBRE and JLL\u2019s Ned McKendry, Jacob Swan and Stuart Taylor handled the sale.<\/p>\n
McKendry said the number of interested private and institutional investor interest in the asset had reflected the \u201cscarcity of modern, purpose-built hardware of this quality on a substantial, strategically zoned landholding\u201d.<\/p>\n
Taylor said the sale also underlined the willingness of potential buyers to look interstate to secure investments in a \u201climited pool\u201d of quality stock.<\/p>\n
Following traditional Queenslander building designs, the Bundamba warehouse was built to be flood-resistant by elevating it on columns above a car park.<\/p>\n
Bunnings Group Limited holds the lease on the property for a 3 per cent fixed annual rent increases over the next 14 years, or to 2060 with options.<\/p>\n
The Bundamba warehouse was the first Bunnings sold this year.<\/p>\n
MPG Funds Management managing director Brett Gorman told media the sale was an excellent result for their investors.<\/p>\n","protected":false},"excerpt":{"rendered":"A Bunnings warehouse in South-East Queensland, has changed hands for $50 million. Melbourne-based property fund manager MPG sold…\n","protected":false},"author":2,"featured_media":37916,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[3766,7956,260,1002],"class_list":["post-37915","post","type-post","status-publish","format-standard","has-post-thumbnail","category-melbourne","tag-asset-sale","tag-ipswich","tag-melbourne","tag-retail"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/37915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/comments?post=37915"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/37915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/37916"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=37915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=37915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=37915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}