logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Angola
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Morocco
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovakia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Global Investors)
      • Project Management
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Investment Advisory
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Host
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      COVID-19 Insights
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Corporate Responsibility
      Investor Relations
      Media Centre
      The Place Makers

Previous

Strategic Melbourne land holding sold for $12.05 million

Next

Cargill toasts new city fringe lease deal in Adelaide
  • Home
  • About CBRE
  • Media Centre
  • Big Prawn in the spotlight in Bunnings Ballina sale

Big Prawn in the spotlight in Bunnings Ballina sale

6 October 2014
  • Email
  • Share
  • Tweet
  • Share

Melbourne, 7 October 2014 – Arguably the most iconic Bunnings Warehouse in Australia, located in the coastal New South Wales Town of Ballina, has been sold for $21,300,000 to a private investor based from South Australia.

The 10,928sqm Bunnings store has gathered a strong following due to its relationship with Ballina’s famous ‘Big Prawn’, which was recently fully refurbished by Bunnings and sold on title with the property.  

CBRE Directors Mark Wizel and Justin Dowers acted on behalf of Bunnings and confirmed that buyer interest was very strong, as in previous Bunnings Warehouse sale campaigns.

“Whilst we would like to think it was the role of the Big Prawn in the sale, it became evident very quickly that the chronic lack of premium grade, retail investment properties offered for sale to investors was the ultimate driver,” CBRE’s Mr Dowers said.

The sale was transacted on a very tight passing yield of just over 6.7%. CBRE’s Mr Wizel said.

“We have been involved in the sale of nine Bunnings Warehouse properties over the past 20 months and we have been progressively witnessing more buyer enquiries on each campaign,” Mr Wizel said.

“There are not too many asset classes where private investors compete at virtually the same pricing as institutional investors, but this has certainly been evident in the case of the Bunnings properties.”

The Ballina transaction closely follows the sale of a Bunnings Warehouse in Hastings for $15,160,000, representing a yield of 6.5%, to a Victorian-based syndicator. Other Bunnings sales have included individual warehouses as far afield as Burnie in Tasmania and Mentone in Victoria.

“Investor appetite does not seem to be impacted by the traditional fundamentals of regional versus metropolitan locations,” Mr Wizel said.

“This is a true testament to the Bunnings brand, its operations as a retailer and the confidence they have to enter new markets knowing that consumers will follow.”

Other significant 2014 transactions have included Charter Hall’s acquisition in May of a portfolio of Bunnings Warehouse stores for $127 million.

“The demand for both large investors wanting to acquire multi asset portfolios, right down to single asset investors is very strong across the board,” Mr Dowers noted. 

​​​​​

For Australian/international news or global stories, follow us on Twitter.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.au.

​
​

Media Contacts

Kathryn House Headshot
Kathryn House
Communications Director
Pacific
+61 2 9333 3585
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Privacy Policy
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube