BWP GROUP — Capital/Financing Update 2005

Feb 3, 2005

4 February 2005

Property Upgrades and Revaluation Result

Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announces the completion of four property upgrades, and the result from the revaluation of the property at Geraldton, in Western Australia.

The upgrades have been completed on Trust properties located at Fountain Gate and Nunawading in Victoria, Mile End in South Australia, and Tuggeranong in the Australian Capital Territory. Upgrades at Fountain Gate, Nunawading and Tuggeranong have resulted in the increase of the retail area of those properties. At Mile End, improvements have been made to facilitate direct access to the property from the recently completed Western Bypass. The directors of the responsible entity expect that these upgrades will enhance the property values.

Details of the upgrade works are as follows:

	Capital Expenditure (S)	Incremental Rent (S p a)
Fountain Gate (Vic)	1,572,000	129,690
Mile End (SA)	258,800	26,159
Nunawading (Vic)	3,100,000	248,000
Tuggeranong (ACT)	245,000	22,050
TOTAL	5,175,800	425,899

The revaluation of the Geraldton property resulted in a 26.8 per cent increase in the book value of the property. Details of the revaluation are as follows:

	Book Value (\$)	Market Value (\$)	Increment (\$)	Revaluation Yield
Geraldton (WA)	6,824,000	8,650,000	1,826,000	8.75%

The Trust's portfolio of 51 properties Australia-wide has a book value of \$593 million, an average term to lease expiry of 10.3 years, and a weighted average capitalisation rate of 8.5 per cent.

For further information please contact:

Mr Andrew Hopkins General Manager, Bunnings Property Management Limited

Telephone: (08) 9327 4318 E-mail: andrew.hopkins@bpml.wesfarmers.com.au Website: www.bunningspropertytrust.com.au