Developers, IKEA, Costco? Who’s looking to snap up North Wollongong Bunnings site
The North Wollongong Bunnings site is up for sale, and there’s a lot of interest from potential buyers such as developers, IKEA, and Costco. The selling agents estimate that the site is worth “north of $60 million” and believe it could offer much-needed affordable housing. The property has the potential to accommodate over 600 apartments, making it an attractive prospect for addressing the growing demand for housing in the area.
The selling agents are optimistic that the sale of the Bunnings site could bring about a positive change to the region by creating housing options at a more affordable price-point. With skyrocketing property prices in many parts of Australia, finding affordable housing has become increasingly challenging. This development could provide an opportunity for individuals and families in North Wollongong to find suitable housing without breaking the bank.
The potential buyers are not limited to traditional developers. Retail giants IKEA and Costco have also expressed interest in acquiring the site. This signals the growing trend of big retailers venturing into the housing market. These companies recognize the increasing demand for affordable housing and see an opportunity to leverage their resources and brand recognition to offer housing solutions.
The sale of the North Wollongong Bunnings site, with its sizable land area and estimated value, has generated considerable excitement in the real estate market. It remains to be seen who will ultimately secure the site and what their plans for development will entail. The outcome of this sale could have a significant impact on the local community, providing new housing options and potentially revitalizing the surrounding area.
