Investors in $453 million listed landlord Urbus Properties have been told next year’s earnings will be down because of a temporary rental loss while a West Auckland project is finished.
Monday, May 23rd 2005, 4:01AM
by The Landlord
Urbus is redeveloping the Waitakere Plaza shopping centre in Henderson, a $14.5 million expansion to be finished this year.
The 10-store centre is dropping in size from 19,000sq m to 16,000sq m and being converted into a bulk retail centre, to be rebranded Waitakere Mega Centre.
Reduced rental income from that project would push down earnings next year, Urbus said in its full-year result yesterday.
But when the job was finished, lease terms and vacancy rates throughout the entire portfolio would improve.
