Retail property landlord BWP Trust has increased rents on three of its Bunnings Warehouse properties, including significant jumps for two in Western Australia, highlighting the strength of Perth’s industrial land sector.
BWP Management announced today a 9.6 per cent increase in rent for its Midland Bunnings store, a 13.3 per cent jump at Mindarie, and a 10.5 per cent rent spike at a store in Croydon, Victoria.
The trust has completed six rent reviews this financial year, for a weighted average increase of 6.7 per cent on passing rental.
It said two rent reviews were currently in progress at Geraldton, and Oakley South, in Victoria.
The trust reviews rents every five years from its lease commencement dates.