09 Mar DNZ Settles Bunnings Mt Roskill With Long Term Lease
DNZ Settles Bunnings Mt Roskill With Long Term Lease 9/03/2012
DNZ Property Fund Limited has settled on the $24.5 million purchase of the Bunnings warehouse at 2 Carr Road, Mt Roskill, Auckland.
The lease to Bunnings Limited, for the near new 11,600m² building located on a 2.7 hectare site, is for 15 years with annual contracted rental increases and 5 yearly market reviews. The property has extremely good car parking ratios, with two customer access points and a separate service entry, all on a high profile site.
DNZ already owns three Bunnings warehouses in Hamilton, Rotorua and Palmerston North, that when combined with this Mt Roskill purchase, makes Bunnings DNZ’s largest tenant* contributing approximately 10% of the Company’s portfolio contract rental.
Paul Duffy, Chief Executive of DNZ said “The covenant of a quality tenant such as Wesfarmers’ owned Bunnings and a 15 year lease term for one of their best performing warehouses, makes this property an excellent investment and addition to the DNZ portfolio.”
* DNZ’s top 10 tenants by contract rental: Bunnings, Progressive Enterprises (Countdown), NZ Government, Fletcher Building, Foodstuffs (PAK’nSAVE and New World), ASB, Meridian Energy, Mitre 10, Lion and Westpac.
For Further Information Please Contact:
Paul Duffy, Chief Executive, DNZ Property Fund Limited
DDI: 09 913 1154 – Mobile: 021 843 758 – Email: email@example.com
DNZ Property Fund Overview
DNZ Property Fund Limited owns one of New Zealand’s largest diversified investment property portfolios with commercial office, retail and industrial properties located in the main urban areas throughout New Zealand.
As at 31 December 2011, DNZ Property Fund owned 51 properties with 265 tenants, a weighted average lease term (WALT) of 5.17 years, an occupancy rate of 98.7% over a net lettable area of 376,716m².
DNZ Property Fund Limited is a Portfolio Investment Entity in which investors hold shares and is managed by its own internal management team. DNZ Property Fund Limited also manages the property portfolio of Diversified NZ Property Fund Limited for Australian institutional investors.