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During the latter part of 2010 we undertook a comprehensive Strategic Review of the Westlawn Property Trust’s property portfolio. The review took into account the attributes of the portfolio, and then considered those attributes in the context of anticipated market and economic conditions. Whilst this review process is on-going, the Strategic Review did identify the following key medium term objectives for the portfolio:
1. Office properties in the portfolio should exceed $10 million in value, and be multi-tenanted with staggered lease expiries;
2. Retail properties in the portfolio should exceed $20 million in value, and have dual anchors with about 20 specialty shops; and
3. Exposure to significant lease expiry risks should be reduced.
Consistent with the findings of the Strategic Review the following properties have been placed on the market for orderly sale. The method of sale for each property was chosen to maximise the sale price.
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Property
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Major Tenant
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Method of Sale
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21-25 Duke Street,
Coffs Harbour
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Centrelink
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Auction : 29 March 2011
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8-12 Buller Street,
Port Macquarie
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Country Energy
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Expression of Interest : 24 March 2011
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4 Zadoc Street,
Lismore
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Department of Community Services
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Auction : 29 March 2011
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Byron West Shopping Fair,
Byron Bay
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Supa IGA
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Expression of Interest : 17 March 2011
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You may well have recently seen ads in the local press for some of these properties. To date, the enquiry for the properties has been very encouraging. The proceeds from any sale will initially be used to retire debt. We will provide a further update in our next newsletter.
Yours sincerely
Paul Rippon
Chief Financial Officer/Company Secretary
To download a copy of the letter please > Click Here
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