![The 2.73-hectare site is located at 73-75 Gipps Street. The 2.73-hectare site is located at 73-75 Gipps Street.](/images/transform/v1/crop/frm/nxytTGiVvgkfKtUJaBBBHD/b2ac58b2-4b8b-4121-8d96-7f8efd01a1c9.jpeg/r0_0_1024_707_w1200_h678_fmax.jpg)
Prospective buyers from throughout Australia are exploring the option of snapping up the former site of the North Wollongong Bunnings store.
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However, it seems unlikely that many Illawarra residents' dreams of a giant like IKEA or Costco buying the site and setting up shop will come true.
The selling agents say the site, with an estimated value of "north of $60 million" would provide "desperately needed housing" at a more affordable price-point, with the property reportedly capable of being home to more than 600 apartments.
![Bunnings announced the store's closure in September last year with its final day of trade in January ahead of the lease expiring in March. Bunnings announced the store's closure in September last year with its final day of trade in January ahead of the lease expiring in March.](/images/transform/v1/crop/frm/nxytTGiVvgkfKtUJaBBBHD/ebdd9164-f4f8-43b0-9f0f-02b20f3593cf.jpeg/r0_0_1023_716_w1200_h678_fmax.jpg)
The 2.73-hectare site, located at 73-75 Gipps Street, is being marketed as "a significant development proposition poised to become a major residential mixed use apartment development".
Bunnings announced the store's closure in September last year with its final day of trade in January ahead of the lease expiring in March.
The North Wollongong site is owned by Perth-based company BWP Management Ltd, the property trust which owns a number of Bunnings sites throughout Australia and is itself part owned by Bunnings' parent company Wesfarmers.
The site is for sale via Expressions of Interest, closing on August 30. The property is being marketed through Colliers.
Managing director of Colliers Wollongong Simon Kersten said the site would allow 68,250 square metres of gross building area.
Mr Kersten said WIN Grand and Bunnings running simultaneously had drawn a lot of attention to Wollongong from major developers throughout Australia.
He said there had been more than 100 inquiries regarding the Bunnings site, and there had been strong interest from throughout Australia.
"Some of Australia's biggest developers have had a look at it, and people who normally wouldn't have looked at Wollongong," he said.
As expected, social media response to the Mercury's previous story on this listing included readers calling for the likes of IKEA and Costco to buy the site.
An IKEA spokesperson said they were always looking to explore opportunities to grow, "and for IKEA to become more accessible to our customers across Australia, in a way that makes sense and meets local demand".
"We have no plans to bring an IKEA store to Wollongong at this stage," the spokesperson said.
Costco managing director Patrick Noone said they were always on the lookout for new warehouse locations.
"Our focus is always to find the right location to meet our specifications so that we can ensure every warehouse is as comprehensively stocked... Unfortunately, at this time we cannot confirm a secured future site location in this area."
![The North Wollongong site is owned by Perth-based company BWP Management Ltd. The North Wollongong site is owned by Perth-based company BWP Management Ltd.](/images/transform/v1/crop/frm/nxytTGiVvgkfKtUJaBBBHD/4b9f19f0-38e9-4108-8ffa-39037753b325.jpeg/r0_0_1024_707_w1200_h678_fmax.jpg)
Mr Kersten said the site was likely "too small" for both Costco and IKEA, and "probably too valuable as well".
"It's a prime inner city site, that while maybe you could put one of them there, it would be a really expensive way to do it," he said.
"Typically your Costco or IKEA would look at sites that were not as valuable as this one."
He said the developers looking at the site saw it containing an affordable housing component or build-to-rent options, and "some are definitely talking about the new floorspace ratio bonuses and incentives to build affordable housing".
"It would be really exciting to get some of these new players into Wollongong," he said.
The old Bunnings warehouse is currently tenanted by the Australian Electoral Commission, whose three-year lease began in mid-2023.
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