Adelaide, 30 July 2013- A private investor has acquired the Bunnings Trade Centre in Seaford for $3.4 million.
Located at 2-6 Dunn Street, the 7,748sqm property on two titles is currently anchored by Bunnings, who has leased back the property for a seven-year term with options to extend.
CBRE’s David Ludlow and Alistair Laycock, who negotiated the sale on behalf of Bunnings said the property’s near new and quality improvements was a key selling factor.
“The new owner was attracted to the centre’s position in a future growth corridor, which is just off the major arterial Main South Road,” Mr Ludlow said.
Mr Laycock said the leaseback agreement was also a drawcard for the buyer.
“This property presented a unique opportunity to acquire a trade warehouse occupied by Australia’s largest household warehouse operator,” Mr Laycock explained.
“The sharp yield of 7.5% also demonstrates that investor activity is outweighing stock availability in this sector of the market at present.”
The property has a net lease structure in place, with annual fixed rent increase of 3%. The current rental is approximately $256,000 per annum.
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