Perth

Albany Bunnings sale to ignite retail investment appetite

Albany’s Bunnings Warehouse has been listed for sale – unlocking an opportunity to secure a high-profile retail investment in WA’s Great Southern region.

30 Sep 2020

Albany’s Bunnings Warehouse has been listed for sale – unlocking an opportunity to secure a high-profile retail investment in WA’s Great Southern region.

Situated on a 20,059sqm landholding, the Bunnings Warehouse property is prominently situated on Albany Highway, approximately three kilometres from the Albany CBD.

The freestanding asset is anchored with a five-year lease to Bunnings and features a fully enclosed covered area, canopy and bitumen timber yard totalling 13,879sqm. It provides a fully leased net income of more than $780,000 per annum.

CBRE’s Richard Cash, conjunctionally with Professionals Albany’s Douglas Pearson, have been appointed to steer the International Expressions of Interest Campaign for the asset.

Mr Cash said the property would tap strong investor demand for secure assets.

“As evidenced in the first six months of this year, investment demand for retail assets between $10 million - $30 million has remained strong – underpinned by the appeal of defensive assets, which are anchored by ASX-listed tenants,” Mr Cash explained.

“Home to some 40,000 residents and more than 400,000 tourists each year, Albany is underpinned by a diverse local economy ranging from agriculture, tourism and construction to the healthcare sector.”

Mr Cash said the property also presented an attractive opportunity for future development.

“The property is ideally positioned for owner occupation, re-purposing or redevelopment at the expiry of Bunning’s lease term in October 2024,” Mr Cash added.

Mr Pearson said the asset’s position on one of the busiest corners of Albany would underpin investor interest.

“Well regarded national retailers including Coles Shell, Puma and Toyota now occupy sites on Albany Highway in Orana – enabling Bunnings Albany to benefit from the high customer volumes, which these brands attract,” Mr Pearson said.

The town of Albany is continuing to expand and has strong population growth in the region with 2.8% per annum forecast for the next five years.”

Bunnings Albany is being offered for sale via International Expressions of Interest closing October 22, 2020.

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.