Private investors from Melbourne purchase Plainland Bunnings building for 11 per cent above auction reserve price

Buyers from Melbourne hadn’t seen the store and didn’t even know where Plainland is.

Bunnings Plainland. Photo: Bugress Rawson

Melbourne investors have purchased the Plainland Bunnings building sight unseen for 11 per cent above the reserve auction price.

Billy Holderhead, director of Burgess Rawson, who sold the 9412 square metre building from Melbourne said there were seven bidders from 13 that hadn’t seen the building.

The Plainland Bunnings site was constructed by De Luca Investments, who build purpose-built buildings for major franchises and businesses across Australia.

Mr Holderhead said despite bidders initially not knowing where Plainland was, the Bunnings facility proved popular due to the growth of the region.

“We educated people quite quickly on the growth of the region,” Mr Holderhead said.

“It’s a really good vote of confidence in the region itself.”

Plainland Bunnings, which had its official opening on June 10, is home to more than 100 employees.

Mr Holderhead reported 13 bidders had their eye on the piece of Plainland with one from Brisbane and the remainder from Perth, Sydney and Melbourne.

The $2.22 million property sold at 11 per cent above the price reserve, with 11 bidders continuing to bid once it hit the reserve.

A Melbourne-based private family purchased the building sight unseen.

“We’ve sold throughout COVID a number of properties – our ratio of properties sight unseen is 59 per cent,” Mr Holderhead said.

“This is the largest at $22.2 million that has been purchased sight unseen.”

Bunnings has a 10-year tenant lease at the facility and reports nothing will change in terms of the store’s operation.

Originally published as Private investors from Melbourne purchase Plainland Bunnings building for 11 per cent above auction reserve price