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BWP GROUP Capital/Financing Update 2004
64592_rns_2004-07-07_7f27112b-ada1-4515-839b-4be65ae4983f.pdf
Capital/Financing Update
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8 July 2004
Rental Uplift for 8 Properties in Victoria and Queensland
Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announce an average 14.2% rental uplift has been achieved from the market rent review of seven properties in Victoria and one property in Queensland.
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 |
|
|---|---|---|---|---|
| Broadmeadows (VIC) | 722,005 | 859.000 | $+19.0%$ | 24 Sep 03 |
| Croydon (VIC) | 777,544 | 870,000 | $+11.9%$ | 24 Sep 03 |
| Mentone (VIC) | 944,160 | 990.000 | $+4.9%$ | 24 Sep 03 |
| Northland (VIC) | 860,852 | 1,030,000 | $+19.6%$ | 24 Sep 03 |
| Scoresby (VIC) | 833,083 | 1,000,000 | $+20.0%$ | 24 Sep 03 |
| Sunshine (VIC) | 722,005 | 735,600 | $+1.9%$ | 24 Sep 03 |
| Epping $(VIC)$ | 783,254 | 916,500 | $+17.0%$ | 12 Mar 04 |
| Cannon Hill (QLD) | 945,934 | 1,125,000 | $+18.9%$ | 18 Mar 04 |
| Total | 6,588.837 | 7,526,100 | $+14.2%$ |
The results, together with 12 rent review results released previously, complete the rent review programme for 2003/04. The average rental uplift for the 20 properties reviewed was 14.6%.
Seven market rent reviews are programmed for 2004/05.
For further information please contact:
Mr Andrew Hopkins General Manager, Bunnings Property Management Limited
Telephone: (08) 9327 4318 [email protected] E-mail: Website: www.bunningspropertytrust.com.au