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ABS Housing Finance: More credit to Owner Occupiers
November 8, 2019
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October 31, 2019
Stockland add to North Sydney Development site
November 21, 2019
The Charter Hall Long Wale Hardware Partnership has sold the new Bunnings Homemaker Centre in Norman Park for $43M.
Charter Hall acquired the 5.5ha site in 2017 as part of the portfolio of ex-Masters sites owned by the Home Consortium.
The conversion to Bunnings was completed in 2018 with the hardware giant occupying 76% of the asset under a lease until 2030 and options to 2078.
The Bunnings store is also supported by 4,268sqm of freestanding retail tenancies which are currently tenanted to Autobarn, Freddy's Fishing World & Outdoors and Petstock.
The whole complex fully tenanted brings in over $2.6 million per annum, resulting in a yield of 6% for the purchaser.
The transaction was managed by Savills.