SOLD: Kingaroy Bunnings sells after 'phenomenal' response
IT MAY have only opened its doors a couple of weeks ago, but Kingaroy's Bunnings Warehouse already has a change of ownership.
Commercial real estate agent Glen Conridge who orchestrated the sale, was overwhelmed by the amount of interest it received.
"We had a phenomenal response," Mr Conridge said.
"We had over 100 inquiries from around the country. We had five formal offers to purchase the property."
The Kingaroy Bunnings was sold to a private Victorian syndicate for $14.55 million.
Mr Conridge said the sale was a smooth one.
"It was very quick, there was no mucking around," he said.
It comes with a 10-year lease, plus eight six-year options to extend it, which means the new Bunnings owners could potentially still be in charge until 2077.
"They're there for the long haul," Mr Conridge said.
Mr Conridge, who is the Queensland director of sales for Burgess Rawson, said the Bunnings store was good news for the growth and future of the South Burnett.
"Bunnings is a big drawcard," he said.
"You've got Bunnings, Harvey Norman, Mitre 10. Other big names will come into town."
The seller of the Kingaroy business was experienced Queensland developer, Nic De Luca.
Kingaroy Bunnings was the first free-standing Bunnings Warehouse sold on-market in Queensland since May 2017.
"They (the developer) did a lot of homework on the location," Mr Conridge said.
"The next nearest Bunnings is Gympie, so there is a massive catchment for the Kingaroy store."
The commercial real estate agent believed the hardware giant's introduction into the South Burnett region meant others would follow.
"You should be very proud," he said.
"I'd be watching that space closely. There will be others to come and piggy back off the increase in traffic."