The recently completed Bunnings Warehouse in Coffs Harbour has been snapped up by a private syndicate for $30.605 million on a circa 5.47 per cent yield.
The transaction, which offers an initial term of 12 years and a further eight options of six years each was managed through a confidential, off-market process, negotiated on behalf of Bunnings by James Wilson, NSW Director of Retail Investment Services for Colliers International.
“Bunnings continue to be one of the most desirable retail investments across Australia, with investors attracted to the established success of the business, class leading covenant, long term leases and fixed annual reviews,” said Mr Wilson.
“The result highlights the strong competition for investors to secure blue chip investments in the sub $50 million price point, which has been bolstered by current market conditions including record low interest rates, strong supply of capital and lack of quality investment opportunities” he continued.
The 3.8 ha site is located on the major intersection of Cook Drive and Pacific Highway in Coffs Harbour on the Mid North Coast of New South Wales.