Former Bunnings could be your own blank canvas
Bunnings Warehouses are as rare as hen’s teeth on the commercial property market, such are their value to the investors who own them.
But former Bunnings stores that present as a blank canvas and can be repurposed to the buyer’s liking?
So interest is expected to be significant for an ex-Bunnings outlet in Rockhampton, which is on the market for the first time since it became part of the hardware giant’s chain of stores in 2001.
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Bunnings vacated the property to move to a larger former Masters store nearby, leaving the 7660sqm building and 26,626sqm site as an opportunity for retailers, owner-occupiers, developers and investors.
Savills’ Jon and Peter Tyson are marketing the property on Yaamba Rd, which lies along Rockhampton’s major large format retail strip and has 281 car parking spaces.
Peter Tyson says buyers could potentially add further value to the property.
“The building is fully air-conditioned and would be readily adapted for reuse, with options including certain retail, large format retail or bulky goods uses, vehicle and outdoor sales, industry and self-storage uses,” he says.
“The complex occupies a prominent 26,626sqm site with enormous frontage to Yaamba Rd, the local section of the Bruce Highway, which features over 9.2 million cars passing the site each year.”
Tyson says there is also an opportunity to attract a major retailer for a long-term lease of the property.
“It is interesting to note a long list of national retailers not present in the Rockhampton market, and trade area analysis reveals an enormous available catchment extending east to Yeppoon and west to Emerald and beyond, with almost 230,000 people forecast to reach over 250,000 people by 2031,” he says.
The property is offered with vacant possession and is for sale via expressions of interest, which close on July 26.