Bunnings makes move to Mur-bah
TWEED'S new $350 million industrial estate Industry Central is taking shape with a huge Bunnings Trade Centre due to be officially opened tomorrow evening.
And in a move to boost sales in the face of the global credit crunch the estate's Gold Coast-based developer Peter Mitchell yesterday announced he was offering no-interest deals to purchasers.
Mr Mitchell said he had taken a leaf out of Harvey Norman's books and would offer purchasers interest-free finance for up to two years.
He is also offering to pay stamp duty for buyers, provide free legal costs, and interest-free finance for two years on 90 per cent of the purchase price of land in the estate east of Murwillumbah.
The Bunnings Trade Centre will supply hardware and timber to trade buyers throughout the Northern Rivers.
Trades people invited to tomorrow night's event have been told 30 suppliers will showcase their products.
Yesterday Mr Mitchell's decision to offer no-interest package was described by LJ Hooker Commercial Gold Coast joint managing director Richard Cooper, who is marketing the estate, as the most innovative he had ever seen in the commercial property market.
Mr Cooper said purchasers would only be required to lodge a 10 per cent deposit and gain finance for 50 per cent of the value of the property.
Mr Mitchell would provide an interest-free second mortgage on the balance and pay the interest on the bank loan.
“I don't know of any other developer in Australia who has gone to this level to help buyers to ease into industrial property,” said Mr Cooper.
Other firms moving into the estate include Scandinavian Cones, Williams River Steel, Iseppi Developments, Rhino Lining and Pottsville Forge.