Bunnings Warehouse in Adelaide’s north- east marks prime retail offering
ADELAIDE, March 25, 2020 –Bunnings Warehouse in Modbury presents investors with a chance to break into a fiercely and tightly held retail market.
The site at 933-945 North East Road, Modbury is 100 percent leased to Bunnings Group, a wholly owned subsidiary of Westfarmers Limited and generates a net passing income of approximately $1,432,000.00 per annum.
JLL’s Managing Director (SA), Ben Parkinson and Head of Industrial and Logistics (Australia), Jamie Guerra have been appointed to sell the 14,840 sqm property via an expressions-of-interest campaign.
Mr Parkinson said, “Investors are still actively considering secure, well leased retail opportunities in South Australia and this is reflected by strong yields offered by our market coupled with no stamp duty on commercial transactions, leading to strong engagement from private investors and syndicators."
“Freestanding retail stores have historically been tightly held, but some owners are now selectively divesting assets to capitalise on the strong demand for defensive assets.”
The 8,055 sqm Bunnings store currently has a 12-year lease in place with three percent annual increases.
Mr Guerra said, “Modbury is a well-established retail and commercial precinct, approximately 15 kilometres from the Adelaide CBD. The area is an intensely developed regional precinct with a range of showroom, service industry and shopping centre type developments in the locality.”
Major developments in the precinct include the Modbury Triangle Shopping Centre anchored by a Foodland supermarket and Westfield Tea Tree Plaza Shopping Centre that has a variety of department and supermarket stores attached.
Expressions-of-interest for Bunnings Warehouse at 933-945 North East Road, Modbury close on Wednesday 15th of April 2020 at 4pm.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.