Bunnings Warehouse in Modbury presents investors with a chance to break into a fiercely and tightly held retail market. The site at 933-945 North East Road, Modbury is 100% leased to Bunnings Group, a wholly owned subsidiary of Westfarmers Limited and generates a net passing income of approximately $1,432,000.00 per annum.
JLL’s Managing Director (SA), Ben Parkinson and Head of Industrial and Logistics (Australia), Jamie Guerra have been appointed to sell the 14,840m2 property via an expressions-of-interest campaign.
Parkinson said, “Investors are still actively considering secure, well leased retail opportunities in South Australia and this is reflected by strong yields offered by our market coupled with no stamp duty on commercial transactions, leading to strong engagement from private investors and syndicators.”
“Freestanding retail stores have historically been tightly held, but some owners are now selectively divesting assets to capitalise on the strong demand for defensive assets.”
The 8,055m2 Bunnings store currently has a 12-year lease in place with 3% annual increases.
Guerra said, “Modbury is a well-established retail and commercial precinct, approximately 15 kilometres from the Adelaide CBD. The area is an intensely developed regional precinct with a range of showroom, service industry and shopping centre type developments in the locality.”
Major developments in the precinct include the Modbury Triangle Shopping Centre anchored by a Foodland supermarket and Westfield Tea Tree Plaza Shopping Centre that has a variety of department and supermarket stores attached.
Expressions-of-interest for Bunnings Warehouse at 933-945 North East Road, Modbury close on Wednesday 15thof April 2020 at 4pm.
