Bunnings hits a six

BUNNINGS Property Management directors have announced strong results from the revaluation of six properties.

The revaluations have been completed on Bunnings Warehouse Property Trust properties located at Altona, Fountain Gate, Nunawading and Sandown in Victoria, Tuggeranong in the Australian Capital Territory and Minchinbury in New South Wales.

The revaluation of the six properties, conducted by independent valuers, has resulted in a 24.8 per cent increase in the book value of the properties.

The revaluations follow the rental uplift as a result of market rent reviews completed on each of the six propeties.

The revaluations have also increased the book value of Trust properties to $521 million and the average capitalisation of the portfolio is 8.8 per cent.

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