Big Box Retail

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.

A Bunnings Warehouse and a fleet of petrol stations owned by independent fuel retailer United are the prized picks at the latest Burgess Rawson auctions.

German supermarket giant Aldi will exit the Gold Coast’s Easy T shopping centre this month after owner Clarence Property signed an independent IGA operator to a 15-year lease.

Perth syndicate Kerching Capital has picked up its third IGA-anchored shopping centre in Queensland, buying Sandstone Village for $10.4 million.

One of China’s top building ­materials and homewares companies, China Lesso Group Holdings, is buying two sites in Sydney to build up a local operation that may see it take on Bunnings. This article originally appeared on theaustralian.com.au/property.

An Asian investor has snapped up the Woolworths-anchored Reedy Creek Village Shopping Centre, on the southern end of the Gold Coast, for $20.5 million.

Investors came hard for a KFC outlet in suburban Melbourne but many sat on their hands at a quiet Burgess Rawson investment auction on Wednesday.

Australia can expect more “category killer” large format retail stores like Harvey Norman and Bunnings in the coming years, putting further pressure on smaller retailers, an expert says.