Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Major warehouse extension for Bunnings

Auckland • Wednesday 30 November 2005

Major warehouse extension for Bunnings

ING Property Trust has agreed terms for the construction of an extension to the Bunnings distribution centre at 320 Ti Rakau Drive, East Tamaki in Auckland.

Bunnings already has a large retail centre at the property (which is owned by the Trust), as well as the existing distribution facility. However, plans to consolidate the distribution operations in Auckland means additional space and facilities are required by Bunnings. The proposed extension will see the current warehouse nearly double in size to over 10,000 sqm at a cost of approximately $5 million.

As part of the agreement between the Trust and Bunnings, the current lease term for the distribution centre will be increased by four years upon completion of the new warehouse. This will extend the lease over the warehouse to 10 years, while the lease over the retail centre is for 15 years.

Managing Director of ING Property Trust Management Limited, Andrew Evans, says the agreement is a further strengthening of the relationship with Bunnings as a high-quality and stable tenant of one of the Trust’s premier assets.

Construction of the new building is expected to be completed in October 2006 and will provide a return on cost of 8.7%. This is the final stage of the full redevelopment of this large retail and industrial complex, secured under long lease terms to high-quality tenants.

The ING Property Trust property portfolio of 96 buildings, with a total value of more than $800 million is currently 99% occupied. The Trust is New Zealand’s only truly diversified listed property investor with assets across the industrial, retail and commercial office sectors.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news