The Bunnings Property Trust has continued its sell off, with the divestment of its Port Kennedy warehouse.
Bunnings’ property division has sold a large format precinct in Port Kennedy to an owner occupier for $14.3 million, as it continues to offload its assets.
The BWP Trust sold the former Bunnings at 7 Sunlight Drive to PHRS Capital, which is owned by multiple private investors.
The entity is in the fitness industry and owns multiple assets including Fitness Cartel Health Club and Merse Wellness in Osborne Park.
The group plans to occupy 40 per cent of the building and four national retailers are in negotiation to take up space in the balance of the centre.
Vend Property’s Jeff Klopper and Paul Davison brokered the sale of the property on BWP Trust.
“BWP Trust .. are divesting non-core assets as part of a portfolio renewal strategy, recently selling this property in addition to the ex-Bunnings Morley and the Chadstone Homeplus Homemaker Centre in Victoria,” Mr Klopper said.
“The property was marketed via an Expression of Interest campaign and … generated close to 100 enquiries with 5 written offers resulting in sale at 43 per cent above book value.”
Bunnings vacated the Port Kennedy property in 2021 and converted it to a large format retail precinct with multiple tenancies.
Bunnings recently sold its Morley site for $19.5 million and divested a portfolio of its assets to Charter Hall for $290 million late last year.
