HEATHERBRAE’S former Masters site will fall into the hands of the failed chain’s biggest rival, Bunnings.
Bunnings confirmed the company had reached an agreement with the land owner to convert the site into a new Bunnings Warehouse.
Bunnings general manager, property Andrew Marks said the new store was expected to open later this year.
“Conversion and reformatting works will commence in the coming weeks and the new store will span over 12,000 square metres,” he said.
“We look forward to providing the local Heatherbrae community with the widest range of home improvement products backed up by the best service.”
The Newcastle Herald understands the Port Stephens site is one of several turning from blue to green as the former Woolworths hardware empire is dismantled.
The changes come as property fund Charter Hall Group seized control of a portfolio of six former Masters stores worth about $180 million on Friday. Wesfarmers-owned Bunnings has long confirmed its interest in taking on at least 15 of the old Masters stores in different locations across the country.
Charter Hall Group steered a consortium of property heavyweights that included Bunnings, Harvey Norman and US retail titan Costco in a failed bid to snare Masters' entire portfolio of 61 stores and 21 development sites when they were being offloaded by Woolies.