Owning your very own Bunnings warehouse may well be the ultimate renovator dream — especially if it earns over a million dollars in annual income.
This one comes close enough, with the 14,042sq m building and parking for 334 cars, rented out to Bunnings, which delivers a net income stream of $1.6775 million.
The deal has rent rising by 3 per cent every year, staying ahead of inflation.
The 3.09 hectare property is in one of the fastest growing regions in the country — Moreton Bay in Brisbane’s north at 445-451 Anzac Avenue in Rothwell.
Bunnings has an extended 15-year lease on the site to April 2024 “plus newly negotiated options extending to 2066 (previously 2048)”.
Agent Darren Beehag of Burgess Rawson said the property was getting strong enquiry levels with “only a handful” of Bunnings warehouses offered on the open market last year.
“The significant interest in the days since launching can be attributed to the scarcity of quality grade investment stock currently on the market,” he said.
His Brisbane-based colleague Pat Kelly said the site was “currently owned by an interstate investor and the new owner could be based interstate or even overseas for that matter, as there is very little hands-on day-to-day management to undertake”.
“A direct debit rental payment from Bunnings will occur monthly and all outgoings, repairs and maintenance are also conducted by Bunnings except for the land tax.”
So what does it take to keep a tenant like Bunnings happy?
The site has four street frontages, with a wide 230m Anzac Avenue frontage — one of the main streets in Rothwell.
Having large capacity for parking was key and the building must be “impeccably presented”.
Recent upgrades to the site included fire services with a new water tank capacity to 409,000 litres as well as new pumps.
“Further renewable energy works including solar equipment on the building have been proposed by Bunnings,” the firm said in a statement.
The last time Burgess Rawson sold a Bunnings warehouse – located in Tasmania – it fetched $14.06million at auction.
Expressions of interest for the Rothwell site close at 3pm on February 28.