BWP TRUST ANNUAL REPORT 2015
12
OUR PROPERTY
PORTFOLIO
As at 30 June 2015 the Trust owned 82 investment properties, all within Australia, with a
total value of $1,981.3 million and a weighted average lease expiry of 6.6 years.
PORTFOLIO AT A GLANCE
Year ended 30 June
2015
2014
2013
2012
2011
Bunnings Warehouses
72
70
62
62
60
Bunnings Warehouse with other showrooms
8
8
5
4
2
Bunnings Warehouse development sites
-
4
2
1
3
Large format retail showroom
1
1
1
1
1
Industrial properties
1
4
4
4
4
Total BWP portfolio
82
87
74
72
70
Annual capital expenditure
$124.6m $383.3m $37.1m $95.7m $207.9m
CAPITAL EXPENDITURE DURING 2014/15
$m
Acquisitions
Australind
1
18.3
Developments
Brendale
19.2
Manly West
21.3
West Ipswich
17.9
Harrisdale showrooms
0.7
Maribyrnong
32.0
Minchinbury
8.6
Rockingham (under construction)
2.5
Lismore (under construction)
3.2
105.4
Other
Other non-income producing
0.9
Total
124.6
PROPERTY ACQUISITIONS
BUNNINGSWAREHOUSE DEVELOPMENT SITE,
AUSTRALIND, WESTERN AUSTRALIA
In November 2014, the Trust committed to acquire a Bunnings
Warehouse development site in Australind, Western Australia
for a purchase price of $8.3 million (plus acquisition costs of
approximately $0.5 million). Settlement of the property occurred
in June 2015, following subdivision and the issue of the certificate
of title. The development was also completed in June 2015 at a
cost of approximately $9.6 million. The net annual rental income
of the property is approximately $1.3 million.
The parties entered into a new 12 year lease of the Bunnings
Warehouse with five, six-year options, exercisable by Bunnings.
The rent will increase by a fixed three per cent per annum. At the
end of the initial term and the exercise of each option by Bunnings,
the rents are subject to a market rent review. Market rent reviews
are subject to a 10 per cent cap, meaning the rent cannot increase
more than 10 per cent above the preceding year’s rent, and a 10
per cent collar, meaning that the rent cannot fall more than 10
per cent below the preceding year’s rent.
PROPERTY DIVESTMENTS
The Trust completed the sale of six of its properties during the year
as detailed in the table below:
Property
State
Sale price $m
Settlement
Regency Park
SA
3.9
July 2014
Hemmant
QLD
21.3 September 2014
Sandown
VIC
8.6
October 2014
Sunshine
VIC
13.0 December 2014
Coffs Harbour
NSW
7.3
May 2015
Blackburn
VIC
17.5
June 2015
1
Total outlay comprising purchase price of land, development and
acquisition costs
Australind, WA
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