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BWP GROUP Capital/Financing Update 2005
64592_rns_2005-06-13_388e0dce-b225-4da8-b0e1-ebcd594f5be7.pdf
Capital/Financing Update
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14 June 2005
Rental Uplifts and Revaluation Results
Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announces results from rent reviews of two properties and the revaluation of four properties.
The rent reviews, completed on Trust properties located at Mile End and Noarlunga in South Australia, 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 review for Mile End was negotiated with the tenant, Bunnings Pty Ltd, and the review for Noarlunga was determined by an independent valuer appointed by the Trust and Bunnings Pty Ltd.
| Passing Rent $(5$ pa) |
Market Review (S p a) |
Uplift | Effective Date |
|---|---|---|---|
| 1,219,620 | 1,278,159 | $+4.8\%$ | 22 Mar 05 |
| 680,496 | 820.000 | $+20.5%$ | 1 Nov 04 |
| 1,900,116 | 2,098,159 | $+10.4\%$ | |
Details of the rent review are as follows:
$a'$ a maximum 5.4% rental uplift was possible under the terms of the lease
Revaluations have been completed on Trust properties located at Albany and Bibra Lake in Western Australia, and Dandenong and Mornington in Victoria. The revaluation of the four properties by independent valuers has resulted in a 34.9 per cent increase in the book value of the properties:
| Book Value (S) |
Market Value (S) |
Increment (5) |
Revaluation Yield ' |
|
|---|---|---|---|---|
| Albany $(WA)$ | 4,500,000 | 5,700,000 | 1,200,000 | 8.75% |
| Bibra Lake (WA) | 8,651,000 | 12,700,000 | 4,049.000 | 8.50% |
| Dandenong (VIC) | 10,915,000 | 13,000,000 | 2,085,000 | 7.75% |
| Mornington (VIC) | 10,700,000 | 15,500,000 | 4,800,000 | 7.75% |
| Total | 34,766,000 | 46,900,000 | 12,134,000 |
vield applied by independent valuer to passing rent
The revaluations have increased the book value of Trust properties to \$605.9 million, and the average capitalisation rate of the Trust's portfolio is 8.37 per cent.
A further three 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 E-mail: [email protected] Website: www.bunningspropertytrust.com.au