Owned a Bunnings Warehouse in Baldivis, Western Australia
34,000sqm freehold site with two tenancies; Bunnings & Petstock
The property was purchased for $29.25m in 2015 and was sold in 2021 for $49m
Delivered an IRR of 17.6% p.a. after all costs to investors over a 6 year term;
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
