Bunnings trust sells two Vic assets

Bunnings’ Perth-based property development and investment arm has sold off two of its Victorian assets, one a multi-tenanted industrial property in Blackburn and the other a previous Bunnings store in Altona.

BWP Trust said it was paid $17.525 million for the Blackburn property, while it did not disclose details of the other transaction.

Major tenants at Blackburn included Sleepmaster and Gainsborough Hardware Industries, however Sleepmaster went into receivership in late 2013.

BWP said a detailed review of the property revealed a number of options, including re-leasing, but selling the asset was considered to be the best way forward.

Settlement of the transaction is expected to occur in late June.

At Altona, BWP Trust said adjoining owner Folkestone would acquire its property via an option agreement, which was previously a Bunnings Warehouse.

The trust said details would be provided once the sale is finalised.