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BWP GROUP — Regulatory Filings 2009
Jul 16, 2009
64592_rns_2009-07-16_93b7f9c9-071d-4f5d-931a-fb4643ceec18.pdf
Regulatory Filings
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ARSN 088 581 097
17 July 2009
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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 four 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 results of each market rent review are as follows:
| he Directors of Bunnings Property Management Limited, the responsible entity for the unnings Warehouse Property Trust, today announce the results of market rent reviews of our Bunnings Warehouses. he rent reviews were due in accordance with the lease terms, which call for market rent eviews to occur every five years from the lease commencement date. The results of each arket rent review are as follows: |
he Directors of Bunnings Property Management Limited, the responsible entity for the unnings Warehouse Property Trust, today announce the results of market rent reviews of our Bunnings Warehouses. he rent reviews were due in accordance with the lease terms, which call for market rent eviews to occur every five years from the lease commencement date. The results of each arket rent review are as follows: |
|---|---|
| Property location Passing rent ($’000) Determined/ negotiated rent($’000) Uplift ($’000) Uplift ( %) Effective date |
|
| Balcatta, WA Epping, VIC Mandurah, WA Port Macquarie, NSW Total/ *weighted average |
1,455 1,680 225 15.5 24 Sep 08 1,028 1,070 42 4.1 12 Mar 09 970 1,248 278 28.6 1 Dec 08 758 800 42 5.6 17 Nov 08 4,211 4,798 587 14.0* |
The Epping and Mandurah Bunnings Warehouse rent reviews were negotiated with the tenant, Bunnings Group Limited, while the remaining two rent reviews were determined by independent valuers. The independent valuers were nominated by the President of the Australian Property Institute.
These 4 market review results take the total completed this financial year to 19. The combined uplift in annual rent from all the reviews concluded this financial year is $2,565,831 or a weighted average uplift of 12.2 per cent on the passing rental.
The market rent review for the Minchinbury Bunnings Warehouse, in Sydney, which is the remaining market rent review due in the 2008/09 financial year, is yet to be resolved.
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/