This article is from the Australian Property Journal archive
THE Bunnings Warehouse Property Trust has conducted rent reviews of three properties.
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 review was conducted at Fountain Gate, Hoppers Crossing and Mornington Peninsula – all in Victoria.
So far this financial year the trust has reviewed four properties resulting in a total uplift in annual rent of $227,194 or a weighted average increase of 4.7% 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.
Australian Property Journal
