Former Bunnings trade site returns to market

Colliers International Ballarat tasked with auctioning site as mortgage sale

IT didn’t sell the first time round but now the former Bunnings trade warehouse is up for auction again.

Colliers International Ballarat Managing Director, Andrew Lewis, said the property at 19 Waringa Drive, Mitchell Park with a total land site of 6738 square meters was full of potential.

Offered as vacant possession, the property previously went for auction in early November, but didn’t reach the desired reserve of $1.9 million.

It’s now returned to the market with a lower expectation of between $1.5million and $1.7 million.

“The original vendor has lost the property, so it’s gone over to the mortgagee, so it’s a mortgagee sale,” Mr Lewis said.

“The vendor had a price expectation, it didn’t get to it, and now it’s in the hands of the administrator and we’ve been asked to take it to auction again.”

Set on a corner block, the existing buildings comprise three high clearance covered warehouses and office space over approximately 2288 square meters.

However, Mr Lewis said the real potential was the surrounding land.

“The main thing is the corner exposure and the additional land to the site,” he said. “It’s pretty well exposed site.

“It’s a good quality building and some 1800 square meters of additional land to it.”

As for who might buy the site and what could end up there, Mr Lewis said there were many options.

“It would probably be an owner-occupier,” he said. “We might get an investor, but it’s more likely an owner-occupier.

“Anything can go in there. Storage, manufacture, you might almost get another big box retailer. It’s pretty flexible and good zoning – Industrial 1.”

19 Waringa Drive, Mitchell Park goes under the hammer at 2pm on Friday, 6 December at the site.

Contact Andrew Lewis on 0418 508 908 or Lauchlan Waddell on 0407 520 725 from Colliers International Ballarat for more information.