Charter Hall buys Bunnings in Nowra on 4pc yield

The sale of the Nowra Bunnings equalled the tightest yield achieved for the asset class.

Offered with 11 years remaining on a 12-year lease to Bunnings, a subsidiary of retail giant Wesfarmers, the Nowra store was acquired by the Charter Hall Direct Industrial Fund No.4 , which holds a $2.5 billion property portfolio.The acquisition highlights the increasing crossover between retail and industrial property investment mandates, driven by the growth of online shopping and innovations like click-and-collect.

Charter Hall Direct fund manager Julian Menegazzo said the acquisition of Bunnings Nowra was in line with DIF4’s strategy to invest in “quality properties in premium locations with high capital growth potential and long weighted average leases”. Since the onset of the pandemic, there had been over $1.2 billion of Bunnings transactions, Mr Willis said.

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