The Bunnings warehouse in Epping has a new owner, the Schiavello Group.
Furniture and development giant the Schiavello Group has hammered out a mega $49.5m deal to buy a Bunnings in Melbourne’s outer north.
The huge 17,200sq m home improvement and outdoor living warehouse in Cooper St, Epping, sold in an off-market deal.
The Tullamarine-based Schiavello company, which is also heavily involved in construction and consulting, was established by Italian immigrant and furniture maker Tony Schiavello and his brother Joe in 1966.
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Since then, the Schiavello Group has grown into a large business that has worked on international and Australian projects including Crown Casino, the Melbourne tram network’s passenger information systems, Sydney’s Federal Parliament offices and the Garden State Hotel in Flinders Lane.
The Bunnings Epping sale equated to $2877 per square metre for the site which measures a total 39,207sq m.
The Epping freehold asset generates an annual income of $2.435m.
The Bunnings in Cooper St, Epping, opened in 2015. Staff members Ian, Thomas and Garry are pictured. Picture: Kylie Else.
Commercial real estate agency Colliers’ Tim McIntosh and Will Heffernan said Bunnings’ longevity as a business meant its stores were among Australia’s most desirable retail investments.
Mr McIntosh said the past 12 months had seen 16 individual Bunnings sell across the nation including a number in Victoria.
In July, he managed the sales campaign for a Bunnings in Clyde North, situated in Melbourne’s outer south east, which fetched $44m.
Schiavello Group governing director and executive chairman Tony Schiavello was inducted into the Victorian Manufacturing Hall of Fame during the early 2000s.
And in May, the Wesfarmers corporation put six Bunnings sites across Australia on the market including its Thomastown shopfront, which is less than 10km from the Epping store.
The portfolio also included two Bunnings in Queensland and three in New South Wales.
The off-market listing, headed by CBRE’s Simon Rooney and Stuart McCann, saw the six properties sell to property investment and funds management group Charter Hall for $290m.
The Epping transaction achieved a 4.92 per cent yield.
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