Bunnings has sold its new Springfield Central warehouse in outer Brisbane for over $40 million, representing a record low yield of 5.27% to an undisclosed Melbourne-based private investor.
The Savills Queensland retail team of Peter and Jon Tyson managed the sale, following an Expressions of Interest campaign.
Savills National Director of Retail Investments, Peter Tyson said: “The sharp result was not surprising and shows the depth of the market. Assets of this pedigree do not often come to market in Queensland and tend to be very tightly held.""Given the quality of the offer, we anticipated strong investor interest. The Bunnings lease is one of the most highly prized covenants in today's market."The new 15,972 sq m store opened in August and was sold with a new 12-year lease with options. The store is developed on a prominent 37,110 sq m site situated opposite the Orion Springfield Central shopping centre.
Springfield is one of Australia's largest master planned communities and is located within 30 kms south west of the Brisbane CBD and is part of Greater Brisbane's booming south-west corridor.