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 LandlordThe 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.
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