Commercial property might be on the nose with global markets, but one listed property trust had long been considered a top defensive stock in the minds of local investors: BWP Trust, which is landlord to 61 Bunnings stores around the country.

As you’d expect given Bunnings’ dominance of the hardware category, BWP has been a steady and strong performer for a long time, generating an average annual return of almost 19 per cent a year over the past 10 years.