Urbus buys next to Rebel in Palmerston North

Thursday 4 November 2004

Listed diversified property investor Urbus Properties Ltd has gone unconditional on the acquisition of the Briscoes store in Main St, Palmerston North.

By The Landlord

Urbus already owns the adjoining Rebel Sports store. It’s bought the new property off-market for $3.425 million, representing a yield of 9.2%. The current lease with Briscoes expires on 31 August 2008.

Urbus Management Ltd chief executive Hamish Plimmer said: "The property is another strategic purchase completed off-market. With the current Rebel Sports store we now have a 6000m² site that has an excellent profile and works very efficiently for bulk retailing. The acquisition is a good fit for our sector mix."

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