Listed diversified property investor Urbus Properties Ltd has gone unconditional on the acquisition of the Briscoes store in Main St, Palmerston North.
Thursday, November 4th 2004, 6:21AM
by The Landlord
Urbus already owns the adjoining Rebel Sports store. It’s bought the new property off-market for $3.425 million, representing a yield of 9.2%. The current lease with Briscoes expires on 31 August 2008.
Urbus Management Ltd chief executive Hamish Plimmer said: "The property is another strategic purchase completed off-market. With the current Rebel Sports store we now have a 6000m² site that has an excellent profile and works very efficiently for bulk retailing. The acquisition is a good fit for our sector mix."
