Chief executive Dianne Begg said Bunnings would invest $28 million in the site and the lease would provide an ongoing income stream.
She said it would allow the society to press on with the showgrounds redevelopment, including the extension of the exhibition centre.
‘It is a significant step forward in the quest to fund the multimillion-dollar redevelopment of the Cannington Exhibition Centre and Showgrounds,’ she said.
The society has also agreed a long-term lease to Greyhounds WA for the development of a new greyhound racing facility. The existing track and grandstand will be vacated in July 2015.
CAHRS president Ray Porter said: ‘The society is working towards the revitalisation of its landholdings with an ambitious plan to double the size of the Cannington Exhibition Centre, which is no longer able to meet public demand for halls for community events.’