FOR SALE: Plainland Bunnings tipped to sell for millions at auction
Doors at the brand new store are expected to open sometime next week
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
One of the most talked-about businesses to set up shop at a booming Lockyer Valley town has been listed for auction.
Bunnings Warehouse in Plainland is set to go under the hammer in late June, with real estate agents anticipating a sale fetching close to $20 million.
Work is almost complete on the warehouse and doors are tipped to open sometime next week.
READ MORE: Plainland Bunnings build to begin in ‘very near future’
Contrary to popular belief, Bunnings does not own the property at 4404 Warrego Highway.
It is only the tenant and is in the early stages of a 10-year lease.
Burgess Rawson real estate agent Billy Holderhead said Brisbane-based developer Nic de Luca owned the property.
READ MORE: EXCLUSIVE: New Bunnings site revealed in plans
“He has built 26 Bunnings with his construction business and this is the third he has built as his own investment,” Mr Holderhead said.
He said a feasibility study carried out late 2020 suggested the property would sell for about $19 million.
“I think the market has gotten stronger since then,” he said.
“The market will figure out (the value) publicly.”
READ MORE: Hiring now? Bunnings addresses Plainland rumour
The highly-anticipated shop is expected to net the new property owner just shy of a million dollars a year, with an estimated rental income of $935,000.
It is set to go under the hammer on Wednesday, June 23 at 10.30am at the Crown Casino River Room in Melbourne.
Read more news by Ebony Graveur.
Originally published as FOR SALE: Plainland Bunnings tipped to sell for millions at auction
Huge 1800-home masterplan lodged for booming SEQ suburb
A master plan submitted to a South East Queensland council has detailed a developer’s vision for a gigantic community of up to 1800 households to be constructed in a booming suburb.
$10m slashed off Crown Barangaroo penthouse asking price
Sydney’s swankiest apartment is back on the market, with a high-profile Luxe Listings agent dropped and the new team tasked with selling the six-bedroom unit spending $500,000 on staging.