Sub-letting of stores in store

With the new Joondalup store opening this week, chief operating officer Peter Davis said the development on Neerabup Road in Clarkson was on schedule and should open in mid-2014.

‘The warehouse roof is now nearing completion, pouring of the internal concrete floors is in progress (and) painting is progressing on the external of the building,’ Mr Davis said.

‘Once the new Mindarie and Joondalup warehouses are open, Bunnings will look to sublet the former sites, however no decision has yet been made on who the tenant will be.’

Bunnings leases the sites from the BWP (Bunnings Warehouse Property) Trust, which portfolio manager Andrew Ross said had no intentions of selling either property in the short term.

‘As with all properties in our portfolio, we will constantly review our position,’ Mr Ross said. ‘There are numerous potential uses but this is dependent on the planning regime at each property. We have received interest from potential buyers but at this stage this is commercial in confidence.’