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BWP GROUP Capital/Financing Update 2003
64592_rns_2003-12-23_378954a8-a656-4ddd-8c0d-9f10176735c7.pdf
Capital/Financing Update
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24 December 2003
Rental Uplift for 7 Properties in Victoria and WA
The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announce that a rental uplift has been achieved from the market rent review of four properties in Victoria and three properties in Western Australia.
The reviews are in accordance with the lease terms which call for market rent reviews to occur on the fifth anniversary of the lease commencement date. The reviews in each case were determined by an independent valuer appointed by the Trust and Bunnings Pty Ltd.
Details of the reviews are as follows:
| Passing Rent (S p a) |
Market Review (S p a) |
Uplift | Effective Date |
|
|---|---|---|---|---|
| Nunawading (VIC) | 1,221,855 | 1,400,000 | $+14.6%$ | 24 Sep 03 |
| Sandown (VIC) | 777,544 | 815,000 | $+4.8%$ | 24 Sep 03 |
| Altona (VIC) | 722,005 | 866,000 | $+19.9%$ | 24 Sep 03 |
| Fountain Gate (VIC) | 833,083 | 965,000 | $+15.8\%$ | 24 Sep 03 |
| Balcatta (WA) | 1,110,777 | 1,305,000 | $+17.5%$ | 25 Sep 03 |
| Joondalup $(WA)$ | 805,313 | 906,000 | $+12.5%$ | 25 Sep 03 |
| Mandurah (WA) | 710,954 | 765,000 | $+7.6%$ | 2 Dec 03 |
| Total | 6,181,531 | 7,022,000 | $+13.6\%$ |
The results follow the recent release by the Trust of an average 8.8% rental uplift from the market rent review of three properties in Queensland.
A total of twenty market rent reviews are scheduled for 2003/04, with the balance of reviews scheduled for properties in Victoria (7), the Australian Capital Territory, New South Wales and Queensland. Results will be advised as those reviews are completed.
For further information please contact:
Mr Andrew Hopkins Manager, Bunnings Property Management Limited
Telephone: (08) 9327 4318 E-mail: [email protected] Website: www.bunningspropertytrust.com.au