Local developer buys former Bunnings site in NT for $7.5 million

The former Palmerston Bunnings site has sold to a developer for $7.5 million.

NTC Property director Nigel Sharp said the new owner, a prominent local developer, was seeking leasing inquiries, with the 6500sqm site likely to be split into a number of smaller lease opportunities.

“They’re certainly looking at it as a value-add site, whether that’s 10 years or 15 years who knows,” he said.

“It’s a landmark site going into the central business zone of Palmerston.”

Mr Sharp said the space would suit various types of business, with plenty of interest in the initial bid likely to follow through to leasing opportunities.

“I approached all the groups – Aldis, Ikeas,” he said.

“Unfortunately Aldi doesn’t have the mandate and Ikea you need a population of a million, but they’ve all agreed it would be an ideal site.”