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Ex-Bunnings site being redeveloped as home shopping centre

THE former Bunnings Maroochydore site at the corner of Maroochydore and Broadmeadows Rds is now earmarked for redevelopment after Sunshine Homemaker Centre changed hands last week and was publicly listed on the Australian Stock Exchange.

New owner Aventus Property bought the centre for $64.5 million, adding to its portfolio of 14 Homemaker Centres, said Aventus head of development and acquisitions, Michael Winnem.

Aventus has managed the centre for the past 12 months after forming an agreement with former owner Australian Unity 15 months ago.

The company was responsible for "remixing" the shops and building some new commercial tenancies, Mr Winnem said.

"We officially settled this Tuesday, so we are now officially the owner," Mr Winnem told the Daily on Friday.

"It's kind of a seamless transition because we've been working on it for 12 months."

The centre will now be known as Sunshine Coast Home and has lodged a development application to renovate the space formerly occupied by Bunnings Warehouse.

Bunnings vacated the building less than two weeks ago when it opened its new mega-warehouse at Dalton Dr.

The hardware giant held the lease for the site until the end of 2016, but Mr Winnem said Aventus was discussing the potential to use the space sooner with Bunnings.

If Aventus' application to Sunshine Coast Council is approved, the site will be redeveloped to cater to a mix of new retail spaces, he said.

He said the company had not been surprised that Bunnings moved out recently, and had not been hurt by the decision.

"We knew that Bunnings were going because they needed a bigger site than what we had at our centre," Mr Winnem said.

"We saw that as really an opportunity to add new exciting retailers to the already great tenancy mix."

Godfreys opened at Sunshine Coast Home on Saturday, and Dick Smith also opened last week.

A new cafe, The Nines, is now serving coffee and breakfast to customers, including fitness junkies at Fernwood Fitness Gym.

The shop formerly occupied by Bike Riders is now home to an extended Supercheap Auto, and Kitchen Connection has set up shop in a new building.

 Sunshine Coast Home is listed as part of Aventus Property (ASX: 'AVN')

Topics:  bunnings warehouse development maroochydore shopping sunshine coast sunshine coast development


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