FOR SALE: Plainland Bunnings tipped to sell for millions at auction
Doors at the brand new store are expected to open sometime next week
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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
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