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BWP GROUP — Capital/Financing Update 2010
Mar 16, 2010
64592_rns_2010-03-16_52462c1a-85c7-4570-a717-f94d36a28e29.pdf
Capital/Financing Update
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ARSN 088 581 097
17 March 2010
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Market Rent Review Results
The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, today announce the results of market rent reviews of three Bunnings Warehouses.
The rent reviews were due in accordance with the lease terms, which call for market rent reviews to occur every five years from the lease commencement date. The rent reviews were all negotiated with the tenant, Bunnings Group Limited. The market reviews are summarised below.
| he rent reviews were due in accordance with the lease terms, which call for market renteviews to occur every five years from the lease commencement date. The rent reviewsere all negotiated with the tenant, Bunnings Group Limited. The market reviews areummarised below. | he rent reviews were due in accordance with the lease terms, which call for market renteviews to occur every five years from the lease commencement date. The rent reviewsere all negotiated with the tenant, Bunnings Group Limited. The market reviews areummarised below. |
|---|---|
| Property locationPassing rent($’000)New rent($’000)Uplift($’000)Uplift( %)Effectivedate | |
| Fountain Gate, VICHoppers Crossing, VICMornington, VICTotal/weighted average | 1,2811,325443.41 Feb 101,1271,163353.122 Mar 101,3741,450765.513 Dec 093,7833,9381554.1 |
Note: rents adjusted for rounding
The completion of these three market reviews takes the total completed so far this financial year to four. The total uplift in annual rent from all four reviews concluded this financial year is $227,194 or a weighted average increase of 4.7 per cent on the passing rental.
There are seven Bunnings Warehouse rent reviews currently in progress, either by negotiation or through an independent determination process. We anticipate that most of these remaining reviews will be completed by or shortly after 30 June 2010.
For further information please contact:
Grant Gernhoefer General Manager, Bunnings Property Management Limited
Telephone: (08) 9327 4318 E-mail: [email protected] Website: http://www.bwptrust.com.au/