Port Macquarie Bunnings in huge $44m sale
Two regional sales have been struck in NSW and Queensland, with property fund manager MPG Funds Management buying a Bunnings for $44.65 million and Shakespeare Property buying a Sunshine Coast resort and land parcel for about $100 million.
MPG eyed the rapid growth of the Port Macquarie area and bought the new Bunnings on a 5.64% yield.
The 18,000sqm hardware store will sit next to another 2400sqm of large format retail space when construction is complete in the first quarter of 2019.
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Colliers International’s NSW retail investment services national director James Wilson arranged the deal.
“Bunnings Warehouses are always highly sought after from a wide variety of investors. During the ‘off market’ process Colliers International received strong interest from funds, syndicators and private investors,” Wilson says.
“Metropolitan and regionally located retail investments have continued to set benchmark levels due to NSW having a distinct lack of supply, with less than $100m worth of freestanding investments publicly marketed year to date 2018. This scarcity of stock is in stark contrast to Queensland and Victoria.”
Meanwhile, Melbourne-based Shakespeare Property Group has finalised its purchase of the Novotel Twin Waters Resort and a nearby land parcel on Queensland’s Sunshine Coast for about $100m from Abacus Property Group.
The deal, flagged by The Australian last month, was brokered by McVay Real Estate and the hotel sale will see the unlisted Abacus Hospitality Fund wound up.
The Novotel sold for $88.5 million and Abacus sold an adjacent, separate parcel of land for $11 million to Shakespeare, giving it the capacity to expand the resort.
– with Lisa Allen
This article originally appeared on www.theaustralian.com.au/property.
