The managing director of the country’s biggest Bunnings landlord, ASX-listed BWP Trust, said there was no way for it to “monetise” the stellar performance of its tenant after rents fell 2.3 per cent on average across five retail warehouses after the latest series of market rent reviews.

A further 12 market rent reviews are still being either negotiated by BWP and Bunnings or are being determined by an independent valuer. BWP managing director Michael Wedgwood said some rents would go up and some would go down.