Gold Coast commercial property: Bunnings Robina offloaded by QIC for $28m to Melbourne investor

The Gold Coast commercial property sector has ended the year with a bang with news the Queensland Investment Corporation has offloaded Bunnings Robina for more than $28 million.

THE Gold Coast commercial property sector has ended the year with a bang with news the Queensland Investment Corporation has offloaded Bunnings Robina for $28.05 million to a private investor from Melbourne.

The sale of the 57 Scottsdale Dr property reflects a square metre rate of $2191 and initial yield of 5.49 per cent.

The building spans 12,803sq m on a 3ha block and was built in 2014 as a Masters Home Improvement Store before being rebranded in 2018 to Bunnings.

The Bunnings in Robina has sold for $28.05 million to a private investor from Melbourne. Photograph: Jason O'Brien

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The property was marketed by JLL’s Jacob Swan, Nick Willis and Sam Hatcher.

According to a sales analysis from JLL, buyers had identified “real value” in the underlying real estate despite Bunnings having an early termination clause in its lease.