The warehouse is almost twice the size of the 18-year-old store it replaced and has 380 car spaces.
The move has created 95 new jobs, with 250 locals employed at the Mentone store.
Bunnings and Kingston Council are now in talks about getting the old Nylex clock and sign switched back on.
The sign still stands on the site, but the lights were switched off in 2006 when the factory shut.
In 2009, Heritage Victoria withdrew a $22,000 grant for the council to restore the clock after development on the property was delayed.
Kingston Mayor John Ronke said the council looked forward to working with Bunnings on re-applying for the grant.
Bunnings chief operating officer Peter Davis said he also supported the restoration of the clock.
Manager Andrew Bulman said to celebrate the opening, Bunnings would be helping local community groups.
"Helen Paul Kindergarten, 1st Sandringham Scout Group and Herald St Playgroup have received a combination of products and team member assistance from us to help with their local community projects," he said.
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