This article is from the Australian Property Journal archive
A Bunnings store at Modbury in Adelaide's north-east has sold $16.3 million after receiving strong interest from a wide range of buyer groups.
The sale price reflects an initial yield of 7.8% net.
Colliers International’s Alistair Mackie, Paul van Reesema and Ian Thomas have sold the property at 933-945 North East Rd to a local private investor, on behalf of a Sydney-based institutional vendor.
“We received in excess of 10 expressions of interest from a diverse range of buyers, from local privates to local syndicates, high net worth interstate investors and a handful of institutions.
“The property is 100% leased to Bunnings on a brand new lease term of 12 years with options of 5+5+5+5 years,” Mackie said. “This represented a rare and sought-after investment opportunity – a securely leased commercial investment in a prominent position within a high-profile and established regional centre,”
The property is strategically located within the established Modbury Regional Centre Precinct, 14 kms north-east of the CBD, which comprises Westfield Tea Tree Plaza, Modbury Triangle shopping centre and the Modbury Hospital.
Constructed in 2004, the property comprises a 7,082 sqm showroom warehouse together and on-grade parking for 290 vehicles. It has a total site area of about 1.5 ha and expansive 177m street frontage to North East Rd.
Property Review
