Masters Commercial Property

The fate of the abandoned Masters Home Improvement warehouse in Portsmith has finally been revealed — and what is planned will come as a surprise.

Two former Masters hardware sites in Perth have been sold after just four weeks on the market.

Three more former Masters sites have changed hands for a total of $70 million as properties once-controlled by retail giant Woolworths’ home improvement venture are seized by new owners.

The acquisitive Charter Hall’s property funds empire has topped $20 billion with further growth in the offing as the company holds a $3 billion war chest back for its ­expansion.

Another high-profile backer has joined the consortium of wealthy families that bought the Masters business for a bargain $730 million from Woolworths and estranged partner, US hardware giant Lowe’s. This article originally appeared on theaustralian.com.au/property.

Bunnings will leave seven of its stores to swoop on sites previously occupied by Masters, as the fallout from Masters’ failed home improvement division continues.

Woolworths’ ill-fated foray into Australia’s home hardware market will come to an end on December 11, with the retail giant’s hardware stores to be sold and turned into large format retail hubs.