Ballina’s Big Prawn has sold! Arguably the most iconic Bunnings Warehouse in Australia, has been sold for over $21 million to a private investor from South Australia.
The 10 928 square meter Bunnings store has gathered a strong following due to its relationship with Ballina’s famous ‘Big Prawn’.
It was recently fully refurbished by Bunnings and sold on title with the property.
“Whilst we would like to think it was the role of the Big Prawn in the sale, it became evident very quickly that the chronic lack of premium grade, retail investment properties offered for sale to investors was the ultimate driver,” CBRE’s Mr Dowers said.
“The sale was transacted on a very tight passing yield of just over 6.7%,”
CBRE’s Mr Wizel said.
“There are not too many asset classes where private investors compete at virtually the same pricing as institutional investors, but this has certainly been evident in the case of the Bunnings properties,” Mr Wizel said.
There has been increase interest with each Bunnings to have entered the market over the last 20 months.
The Ballina transaction follows the sale of a Bunnings Warehouse in Hastings for over $15 million, representing a yield of 6.5%, to a Victorian-based syndicator.
“Investor appetite does not seem to be impacted by the traditional fundamentals of regional versus metropolitan locations,” Mr Wizel said.