A Bunnings Warehouse, at Clyde North in Melbourne, is set to be the first Bunnings store to be sold in metropolitan Melbourne since 2015.
Located within the City of Casey, the brand new 16,634 square metre building opened in September 2019.
It will be sold with a new 12-year lease on settlement at a net income of $1.9 million per annum with fixed annual reviews.
The highly exposed 3.7 hectare site, on Berwick-Cranbourne Road, has four street frontages, and and parking for 372 cars.
CBRE Director Investments, Justin Dowers who is marketing the property with Mark Wizel and Kevin Tong, said the property offered prospective purchasers a long line of investment attributes including significant tax depreciation benefits.
“This is clearly a quality property with a blue chip tenant, a brand new building and a new long term lease within one of Melbourne’s key growth areas. It would be difficult to find another property which is so quintessentially defined as a prime commercial property investment, Mr Dowers said.
According to the ABS, the City of Casey is the third fastest growing city in Victoria and the eighth fastest growing city in Australia.
Clyde North - already a well-established suburb – is forecast to see continued growth with residential building approvals over 2016/17 up 22 per cent.
The property will be sold via an international Expressions of Interest campaign closing at 5pm, Tuesday, November 12.