Urbus Properties embarks on $9.5M upgrade for new tenant

The property, in suburban East Tamaki, would be converted from a warehouse and office complex to a 12,020sq m bulk retail outlet.

The redevelopment would include a trade timber yard and plant nursery.

Bunnings would lease the balance of the available warehouse for its Auckland distribution centre on the basis of an eight-year lease.

The distribution area has room for expansion in the longer term.

Total yearly rental income for the property was about $2.4m, Urbus told the sharemarket today.

Chief executive Murray Barclay said the redevelopment confirmed Urbus' intention to invest up to 10% of its portfolio into development opportunities.

This would allow the firm to deliver a full service model to its tenants, he said.

The redevelopment would be completed by January 2005.

After this transaction, Urbus' property portfolio would be 44% retail, 36% industrial, and 20% office.

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