The Trust owned a Bunnings Warehouse in Baldivis, Western Australia.

The property comprised a 34,000sqm freehold site with two tenancies; Bunnings & Petstock.

Purchased for $29.25m in 2015, the property was sold in 2021 for $49m (66% increase).

The Investment delivered an IRR of 17.6% p.a. after all costs to investors over a 6 year term, with an average income return of 8.0% p.a.

Initially purchased as a ‘Masters’ under a sale and leaseback with Woolworths (15 year lease), Masters was replaced with Bunnings under a new 12 year lease.