Business

Retail giant pays almost $11m for Booval Bunnings building

UP AND AWAY: Bunnings is off and Harvey Norman will be the new giant at Booval.
UP AND AWAY: Bunnings is off and Harvey Norman will be the new giant at Booval. David Millar

HARDWARE giant Bunnings' departure from its massive Booval site in late 2015 will make way for a different variety of retail big-hitter.

Harvey Norman is set to vacate its Ipswich Mall space and relocate to the 8600sq m Hamilton St complex, which is neighboured by a pharmacy warehouse, discount stores and a McDonald's restaurant.

Although Harvey Norman turned down the invitation to comment about the purchase, it is understood the move will result in a considerable expansion in its Ipswich sales, given the larger space.

The site includes car parks for 530 vehicles.

MAKING HEADLINES TODAY ...

Buyers invest in Ipswich as city's real estate warms

Police break up planned fights that attracted about 200 youths

No more time in jail because injury to cop was "unintended"

Savills Retail Sales director Jon Tyson, who helped negotiate the $10.8 million deal, said expressions of interest began early this year, attracting a wide variety of potential buyers.

"There were multiple bidders - six or seven of them - ranging from owner/occupiers to developers who had completely different visions for the site," Mr Tyson said.

Once it moves into Booval, Harvey Norman will find itself in competition with several other electrical and furniture outlets in the area, including The Good Guys, RT Edwards and Dick Smith Electronics - all within a stone's throw of each other on Brisbane Rd.

Bunnings Warehouse has been leasing the site from the private owner for the last 12 years. The lease expires towards the end of 2015.

The hardware superstore will move a couple of kilometres down the road to the new Mining St, Bundamba site once it is built.

Bunnings chief operating officer Peter Davis said the construction of the Bundamba site was timed to coincide with the expiry of the Booval lease.

JOIN THE CONVERSATION ON FACEBOOK OR LEAVE A COMMENT BELOW ...

"The new Bunnings Warehouse Bundamba will replace the existing Booval Warehouse in late 2015 so that we can provide local residents with a bigger and better store...," he said in a prepared statement.

Bunnings is also putting the finishing touches on its new West Ipswich store, but has remained coy about the exact opening date.

When asked about when the Brisbane St store would open, a Bunnings spokeswoman said "before the end of the year".

The Booval purchase is the latest in a string of investments in Queensland's retail property sector by retailing billionaire Gerry Harvey, including the $15 million purchase of the remaining 50% of the Browns Plains Homemaker Centre from FKP in 2012 and the $16.175 million Cairns Hypermarket deal in 2013 from Charter Hall's PFA Fund.

The sale of the Bunnings Booval property is the latest in a number of retail sales transacted by Savills in Brisbane's western growth corridor, including the sale of Home HQ Retail Centre in West Ipswich for $23.5 million on behalf of Charter Hall in 2013.

MAKING HEADLINES TODAY ...

Council hopping mad over $1m payment to Rabbit Board

Snow a no show in Ipswich 80 years on

Final days for shoppers to enter draw to win $5500 prize

Topics:  bunnings booval, harvey norman




BREAKING: Man accused of indecently assaulting health worker

A view of the Ipswich Hospital from the corner of East and Court Street. Photo: David Nielsen / The Queensland Times

It's alleged the attacker threatened the woman with a knife

Woolworths to sack 500 staff, close at least 17 stores

This is despite the supermarket earning $2.5 billion for the year.

WATCH: Shots fired in quiet Ipswich street

One of the shots shattered the windscreen of a gold coloured Holden Commodore that was parked in the driveway, while another pierced the garage door.

Police are investigating after shots fired into a car and garage

Latest deals and offers

Robbie Williams and Ayda Field to expand family?

Robbie Williams and Ayda Field want more children.

Licking incident bars Ariana from performing at White House

Ariana Grande has been blocked from performing at the White House

Taylor Swift's ex throws support behind Kanye West

Calvin Harris shares a sing-along with Kanye West

Michael Jackson's jailed doctor wants his license back

Conrad Murray wants his medical licence back.

Pokemon Go: "Trading" on the horizon as game evolves

No Caption

Pokemon GO players will soon be able to trade with other trainers

Bindi Irwin: ‘I’ve lived 10 lives in one lifetime’

Bindi meets her fans.

SHE'S just turns 18 but Bindi's life has been full of experiences

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

The climb is slow but property on the way up

Michael Matusik, director of Matusik Property Insights.Photo Allan Reinikka / The Morning Bulletin

The improvement would be mild when compared to past cycles