Bunnings to move into ex-Masters location

It has been revealed that Bunnings Warehouse will be opening in the former Masters location in Port Stephens, New South Wales before the end of the year.

It is understood that this is one of a number of the Masters stores that will fall into the hands of their major rival Bunnings Warehouse. 

Read - Masters Home Improvement an obituary.

Wesfarmers-owned Bunnings has long confirmed its interest in taking on at least 15 of the old Masters stores in varying locations across Australia and this latest announcement comes as property fund Charter Hall Group seized control of a portfolio of six former Masters stores worth about $180 million on Friday. 

Charter Hall Group steered a consortium of property companies that included Bunnings, Harvey Norman and US retail titan Costco in a failed bid to snare Masters' entire portfolio of 61 stores and 21 development sites when they were being offloaded by Woolies. Andrew Marks, general manager property at Bunnings, previously confirmed that Bunnings would take over the former Masters site in Albion Park in NSW while they have approval to convert four stores in Queensland and Western Australia. 

Source: Insight DIY International Team

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