The rugby league club paid $29.55 million in 2011 for the newly built large-format retail property in Sydney’s Seven Hills.

The club has done better as a property investor, with the value of its Bunnings property soaring amid strong demand for one of the most sought-after retail leases in the country.
In March, Charter Hall set a new benchmark for Bunnings warehouses by acquiring a brand new 16,000sq m outlet in Melbourne’s south-east for $42.3 million on a yield of 4.5 per cent.
HomeCo picked up the Bunnings Seven Hills property on a yield of 5.1 per cent, one of several large-format properties to change hands in the past few weeks all of them acquired by fund managers.
Last week, the ASX-listed Charter Hall Long WALE REIT paid $28.1 million for a new Bunnings property to be developed in Caboolture, north of Brisbane, while in Sydney, privately owned investment group EG paid $48.75 million for a Bunnings in Rockdale on a yield of 5.4 per cent.
Also in December, Australian business leaders comprising David Gonski, Simon Mordant and John Curtis sold a vacated Bunnings warehouse valued at $16 million in 2015 to Charter Hall for $70 million.
For the Home Consortium Daily Needs REIT, the acquisition of the Seven Hills Bunnings will diversify its Daily Needs REIT portfolio, which floated on the ASX in November with a $900 million portfolio of metropolitan convenience malls.
“This Bunnings asset ticks all the boxes: excellent Sydney metro location in high growth corridor, high quality tenant and the acquisition is immediately accretive to funds from operations [or earnings], Home Consortium CEO and executive chairman David Di Pilla said.
The large-format warehouse stands on 2.23 hectares 30 kilometres north-west of the Sydney CBD.
Following the acquisition, the Daily Needs REIT is forecast to deliver funds from operations per unit (or earnings per share) 6 per cent ahead of the IPO forecast, with gearing at 34.9 per cent.
The REIT, which comprises 18 malls trading on a cap rate of just under 6 per cent, made a lacklustre debut on the ASX after raising $300 million.
Units in the trust closed Friday at $1.25, unchanged for the day, but down 6 per cent on the offer price of $1.33.