Stage three will be a $150 million development covering an additional 10,000 sq m of retail with more parking to lure shoppers on their way to the new Sydney airport at Badgerys Creek.
Bunnings deal
David Di Pilla’s listed HMC Daily Needs REIT has raised $64.7 million through the sale of a large-scale Bunnings warehouse in Sydney’s west.
The Seven Hills site was sold on a benchmark yield of 4.75 per cent to a private consortium called Mosman Capital and is the largest single-asset Bunnings Warehouse sold nationally since 2022, and the first single-asset Sydney metropolitan Bunnings transaction in four years.
It was sold at a capital value of $4815 per sq m, reinforcing investor confidence in the Bunnings covenant and the broader daily needs retail sector.
It’s the largest single-asset Bunnings Warehouse sold nationally since 2022.Credit:
About 13 Bunnings Warehouse have sold so far this year totalling $510 million in value more than double the 10-year annual average of $250 million.
Colliers Retail Middle Markets team of James Wilson and Ben Wilkinson advised on the sale.
At nearby Burwood, the local council has paid $17 million for two offices at 31 & 33 Burwood Road. The buildings were offered with vacant possession having previously been occupied by Catholic Super and UniSuper.
They sit on a 1161sq m mixed-use site, with 2817 sq m of lettable area and 38 car spaces. Colliers’ James Cowan, Harry Bui, Catherine Scott and Steam Leung advised on the sale.
Luxury escapes
Travel agency Luxury Escapes has taken over the Lego toy shop lease in Westfield’s Bondi Junction mall.
In a shift from online trading to bricks and mortar, the store is Luxury Escapes’ second venue after the agency opened its first shop in Chadstone, Melbourne. The store features luxe fittings, a range of interactive screens and a champagne bar to give the feeling of being a first class airline lounge.
International travel by Australians surged to 11.97 million trips for the year ending March 2025, up from 10.54 million the year before, according to the Australian Travel Industry Association.
Luxury Escapes co-founder and chief executive Adam Schwab said the new Bondi store followed the success of the Melbourne concept store “which inspired them to expand its retail footprint to Sydney.”
Micheal Hill jewellers has opened the doors of its first NSW store in Bondi Junction.Credit:
Another retailer Micheal Hill jewellers has also opened the doors in Bondi Junction of its first New South Wales flagship store. The store offers a Pendant Bar, a newly launched Earring Charms and Wedding Band Concierge.
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Novotel opens
The latest Novotel in Sydney’s west has thrown open its doors as part of a $230 million redevelopment and rebrand of the Cabravale Club Resort. It will be the country’s first integrated club resort.
Established in the aftermath of the First World War by twenty returned servicemen seeking camaraderie and purpose, Cabravale Club Resort grew from humble beginnings in a repurposed army hut to become a local institution.
Like most of the western suburbs, the new hotel will cater for the increased tourism from the new airport and growth of nearby Parramatta as the city’s second major central business district.
Known as Novotel Sydney Cabramatta, the hotel has 140 rooms, a resort-style pool, gym, and signature dining. It will service the club’s visitors with conference rooms and will be operated by Accor.
Contact carolynannecummins@gmail.com.
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