GMT
03/03/2015 11:08
GENERAL
PRICE SENSITIVE
REL: 1108 HRS Goodman Property Trust
GENERAL: GMT: 100% Occupancy Drives Development Activity at Highbrook
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce three new development projects, comprising
two industrial facilities and an office building at Highbrook Business Park
to accommodate strong customer demand.
The new commercial and industrial facilities, which have a total project cost
of $28.0 million, will add 11,140 sqm of lettable area to the Trust's
investment portfolio. The additional space is expected to generate $2.2
million of annual rental once fully leased and income producing, providing an
initial yield of 7.9%.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "A positive
business environment is supporting the rapid expansion of Highbrook Business
Park. With the award winning estate 100% occupied, sustained customer demand
is the catalyst for these new development initiatives."
The new industrial developments include a design build facility for tool
specialist Machinery House, an existing customer at Highbrook whose business
growth has necessitated a doubling of its floor space to 4,600 sqm.
The second industrial facility is being developed on an uncommitted basis to
meet demand. The new 3,400 sqm warehouse provides another option for
mid-sized customers seeking high quality business premises.
The success of the initial development stages of The Crossing and a shortage
of available office space at Highbrook have also facilitated the commencement
of a new 3,140 sqm office building.
Located on a high profile site fronting Highbrook Drive, the three storey
office is already attracting strong customer interest more than 18 months
ahead of its expected completion.
John Dakin said "It's extremely pleasing to be commencing a subsequent stage
at The Crossing, less than two years after completing the initial
development. It reflects heightened levels of development activity right
across the portfolio, with over $110 million of new projects announced since
March 2014."
The current development workbook also includes a recent commitment from
Downer EDI for a new 1,160 sqm warehouse at Connect Business Estate in
Penrose. The customer will take a 15 year lease over the compact industrial
facility which has a total project cost of $2.2 million.
A summary list of all the new development projects announced in FY15 is
included as an appendix to this announcement.
For further information please contact:
John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316
End CA:00261396 For:GMT Type:GENERAL Time:2015-03-03 11:08:52
