This article is from the Australian Property Journal archive
WATPAC has sold part of its two hectare Newstead Circle development to Bunnings for $20.6 million, in one of Brisbane’s largest land transactions this year.
Bunnings bought the 9,400 sqm site within Watpac’s Newstead Circle project, located at the intersection of Breakfast Creek Rd and Kingsford Smith Drive.
Subject to Council approval, Bunnings intends to develop a 14,000 sqm multi-level warehouse.
Watpac managing director Greg Kempton said the sale is a significant transaction in what continues to be a difficult market, even for prime development sites such as Newstead Circle.
“Watpac is supportive of Bunnings’ development plans for the site and the sale is consistent with our strategy of reducing debt. Negotiations are continuing with prospective tenants and purchasers for the balance of the Newstead Circle project,” he added.
The sale brings total property realisations achieved by Watpac in the past 12 months to approximately $120 million.
Watpac’s property business has also secured $41 million worth of presales at the Rue de Chapel residential and retail project in Chapel St, Prahran in Melbourne.
Australian Property Journal
