This article is from the Australian Property Journal archive
A FORMER Bunnings Warehouse on 4.3 hectares of land in Newcastle has hit the market, presenting a strategic investment, development, owner occupation or repositioning opportunity.
The 12,820 sqm former Bunnings at 393 Pacific Highway in Belmont North is likely ideal for industrial, retail or mixed-use usages, positioned in a commercial and industrial precinct that includes major national and franchised brands.
Allowable land uses include a full-line supermarket, neighbourhood shops, function facilities, warehousing, large format retail and medical centre alongside numerous other uses given the MU1 Mixed Use and E3 Productivity Support zoning.
Colliers’ James Wilson and Ben Wilkinson have the listing.
Wilson said that whilst construction costs elevated when compared to previous levels, utilisation of the existing warehouse infrastructure allows for significant construction efficiencies for repositioning and development.
Wilkinson said strong retail demand in the main trade area is underpinned by high levels of family households and home ownership, with higher than average income levels. The main trade area retail spending is forecast to reach $3.38 billion by 2041, growing at an average annual rate of 2.8%, supported by strong underlying population growth.
He said the site is the largest appropriately zoned site in the primary catchment with direct access to the Pacific Highway, making it a “highly defensive land holding given the rare offering and limited supply of retail/commercial land”.
Expressions of interest closes Wednesday, 6th March.