Urbus Properties embarks on $9.5M upgrade for new tenant
Wednesday 4 August 2004
Urbus Properties will spend $9.5 million upgrading an Auckland property for a new 15-year tenant, Australian hardware chain Bunnings, it said today.
By The Landlord
The property, in suburban East Tamaki, would be converted from a warehouse and office complex to a 12,020sq m bulk retail outlet.The redevelopment would include a trade timber yard and plant nursery.
Bunnings would lease the balance of the available warehouse for its Auckland distribution centre on the basis of an eight-year lease.
The distribution area has room for expansion in the longer term.
Total yearly rental income for the property was about $2.4m, Urbus told the sharemarket today.
Chief executive Murray Barclay said the redevelopment confirmed Urbus' intention to invest up to 10% of its portfolio into development opportunities.
Read More - Opens in a new window
Commenting is closed
Property News
Return to market form
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
House Prices
No stopping Capital price rises
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Mortgages
LVR limits slow down investors
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.
