Bunbury Forum buyer revealed

The Franco family, of Fero Group fame, is set to buy Bunbury Forum for $76.8 million from investment manager Challenger.

Business News recently revealed that Challenger is set to sell the sub-regional centre, which they bought in 2013 for $137.06 million from Atlas Point Pty Ltd.

According to Landgate, the East Bunbury property across five lots on Sandridge Road, Pennant Road and Strickland Street is set to transact for $76.80 million.

Industry sources today confirmed that prominent Perth family the Francos are set to buy the property.

Mario and Ernesto (Andy) Franco founded steel manufacturing business Fero Group in 1972, which was acquired by DSI in 2018.

Newcastle-based DSI was bought by Swedish global engineering group Sandvik last year.

Mario and his wife Maggie Franco are currently building what is described as the state’s largest home in Jutland Parade in Dalkeith.

The family also own Dalkeith Village shopping centre, among a host of other property assets. 

Pricefinder records state that Challenger is also divesting 11 lots on Strickland Street and Gipse Street, alongside the centre, for a total of $4.2 million.

Development approvals to expand Bunbury Forum date back to 2007, when Atlas sought to increase the centre’s gross lettable area from 21,000 square metres to 30,000sqm.  

Bunbury Forum Shopping Centre is the only centre in the South West with a major discount store, Big W, and two major supermarkets Woolworths and Progressive Supa IGA.

The centre ranks 32nd on Business News’ data and insights Shopping Centre llist, with more than 60 specialty retailers and close to 22,000sqm of gross lettable area.

Challenger and the Franco family have been contacted for comment.