Bunnings Warehouse goes under the hammer for ‘cheap’ price
But before you think about buying your own iconic hardware store, it’s worth knowing this isn’t your average property purchase.
The winning bidder buys the entire facility and becomes its landlord for 10 years, entering into an agreement with Bunnings directly.
The rental agreement will reap the new owner $935,000 in rent annually, which works out to be roughly $18,000 a week.
“There’s not many Bunnings that come up for sale very regularly, once landlords get a hold of them they hold them for a while – they’re definitely a generational hold,” commercial agent Ingrid Scholes told 9News.
Experts predicted the site would go for $19 million, a steal when you consider an average sale price for a Bunnings is just over $50 million.
However, after an intense battle between interstate bidders, the site was snapped up for $22.2 million.