Former Palmerston Bunnings site hits the market in rare real estate opportunity

Nigel Sharp has the old Bunnings site in Palmo up for sale. Picture GLENN CAMPBELL

A RARE commercial property opportunity in Palmerston is waiting to be snatched up by a buyer with vision.

2 Palmerston Circuit, the former home of the city’s Bunnings, is up for sale with NTC Property.

Bunnings relocated to its new, $58 million store in Yarrawonga in August after more than a year of construction, and left behind a piece of prime land ready to move in or be redeveloped.

NTC Property director Nigel Sharp said the site is a large landholding of 19,500 sqm with 8397 sqm of improvements.

NTC Property director Nigel Sharp has the old Bunnings site in Palmerston up for sale. Picture: Glenn Campbell

“This is an ideal purchase for investors, developers and owner occupiers to come up with something creative,” he said.

Mr Sharp said highlights of the site were its prominent corner location and benefits from five street frontages.

He said it was also a unique site for a Bunnings store given central business zoning, meaning with planning approvals one could potentially build 90m over numerous towers.

“Given the above, the current owner who developed for Bunnings almost 15 years ago has decided to test the market to determine if any prospective purchasers want to redevelop as they are not high-rise/high density developers,” Mr Sharp said.

“Otherwise the owner will look to repurpose the facility. We are fielding leasing inquiries as well, public are certainly letting me know their opinions too.”

The site is currently leased to Bunnings until June 2021.

Expression of interest close at 4pm on Thursday December 3.