Perth, WA, 21st January, 2026 – Colliers is pleased to announce the successful sale of the Morley Development Site, a former Bunnings Warehouse located at 65–79 Russell Street, Morley WA for $19.5 million. The transaction marks the third ex-Bunnings Warehouse Colliers has sold on behalf of BWP Trust following sales of their NSW sites in Wollongong and Belmont North.
Colliers’ James Wilson, Richard Cash and Aidan Austen managed the transaction.
The property comprises an 18,439 sqm landholding with a 10,303 sqm existing warehouse structure, positioned within the Morley Activity Centre opposite the major regional Galleria Shopping Centre and just 10 kilometres north-east of the Perth CBD. The site’s Central Core zoning provides flexibility for a wide range of future uses including mixed-use, retail, entertainment, residential and short-stay accommodation.
The campaign generated 127 enquiries from developers and owner occupiers across Retail, Large Format Retail, Entertainment and Storage sectors. Of these, 30 qualified groups and seven competitive bids were received, reflecting strong demand for strategic redevelopment opportunities in Perth’s tightly held market.
“The depth of market and competitive bidding from developers and owner occupiers reflects the strong underlying land value associated with Bunnings Warehouse investments. This is given the hardware and Large Format Retail asset class large strategic sites located in gateway positions, combined the opportunity to acquire assets below replacement cost,” said James Wilson, Head of Retail Middle Markets, Australia.
“WA’s resilient economy and attractive retail spending figures are driving investor and developer appetite from both local and interstate buyers. This was clearly demonstrated by the 127 enquiries and seven bids received for this campaign, highlighting continued demand for strategic redevelopment sites offering scale, flexibility and strong fundamentals,” added Richard Cash, State Chief Executive | Western Australia.
Morley is one of Perth’s designated strategic metropolitan centres, benefiting from excellent connectivity via the $1.7 billion Morley-Ellenbrook train line and proximity to the $350 million Galleria Shopping Centre redevelopment. The City of Bayswater’s population is forecast to grow by 31% by 2050 with retail expenditure in the total trade area projected to reach $13.65 billion by 2046, underpinning long-term growth prospects.
