Woolworths buys a Bunnings
Woolworths’ development arm has bought a prominent ex-Bunnings in recent years earmarked for a Kaufland.
Fabcot paid $20.5 million for the 4.038 hectare holding – 393 Pacific Highway, Belmont North, south west of Newcastle, with a 12,820 square metre warehouse and 290 car parks.
A neighbourhood shopping centre is planned within the walls containing specialty stores and a full line supermarket.
Part of the proposed project will accommodate a Direct to Boot lane.
BWP Trust was the seller.
Bunnings quit the site for a Bennetts Green outlet over five years ago.
Kaufland later committed, before making the surprise decision in early 2020 not to open in Australia (story continues below).
During COVID, the property became New South Wales’ second vaccination centre.
The deal comes 11 months since we reported Fabcot offloaded a modern Bomaderry mall – with 5451 sqm – for $41.85m.
Five weeks ago meanwhile, it sold the recently completed Kirrawee Shopping Centre, south of Sydney, to Revelop.
With 4500 sqm, it fetched $39.95m.
CBRE’s Michael Hedger and Joe Tynan were the agents.
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