Gross Asset Value


(100% stake)

Target Income Yield


( Average forecast FY22-FY25)

Target Internal Rate of Return


( Average forecast FY22-FY25)

Bunnings Modbury and IKEA Netley assets offer stable yields.

ICAM acquired a 100% freehold interest in 933-945 North East Road, Modbury in June 2021, followed by a 100% leasehold interest in 91 Transport Avenue, Netley in March 2022.

933-945 North East Road, Modbury (“Bunnings Modbury”) is fully leased to Bunnings Group Ltd. 91 Transport Avenue, Netley (“IKEA Netley”) is fully leased to IKEA as its SA based distribution centre.

Bunnings Modbury occupies a prominent position on the intersection of North East and Wright Roads and sits within an intensely developed commercial and retail precinct, with the immediate locality comprising the Modbury Triangle Shopping Centre and Westfield Tea Tree Plaza, South Australia’s largest regional shopping centre by area. Meanwhile IKEA Netley is a prime distribution centre immediately adjacent to Adelaide Airport, also less than 5km from the CBD.

Investment highlights

  • Both assets are located in a tightly-held retail or logistics hub, with strong access to areas surrounding the CBD
  • Bunnings Modbury possesses a strong suburban catchment with higher-than-average disposable income
  • Both Bunnings and IKEA are viewed as a “COVID-proof” investment, highly sought after by investors
  • IKEA Netley is held under a leasehold on a 12,486 sqm plot, comprising 6,520 sqm GLA including 20 carparks with a substantial canopy and hardstand area.
  • Bunnings Modbury has a prominent frontage on North East Road, offering excellent car and truck access. The asset has 14,840 sqm freehold plot, comprising an 8,055 sqm Bunnings Warehouse with 87 at-grade and 203 undercroft parking places