GMT
09/10/2013 12:02
GENERAL
REL: 1202 HRS Goodman Property Trust
GENERAL: GMT: Development Momentum in Christchurch for GMT
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce two new development projects at Glassworks
Industry Park in Christchurch.
The developments include a pre-committed warehouse and distribution facility
for global logistics operator, DHL and a multi-unit development anchored by
leading tyre company, Bridgestone NZ Ltd.
The adjoining developments have a total project cost of $20.7 million
(including land, construction costs and all professional fees) and will add
an additional 12,147 sqm of industrial space to the Trust's investment
portfolio.
The developments follow the announcement in August 2013 of a new 5,805 sqm
facility for contract warehousing specialist, MOVE Logistics, also at
Glassworks Industry Park.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "We are
extremely pleased to be extending our relationship with both DHL and
Bridgestone, high quality customers who already occupy tailor built premises
in our Auckland portfolio. These projects continue the momentum in our
development programme, with around $90 million of new projects announced in
the first six months of the 2014 financial year."
Both developments are expected to complete in June 2014, providing a blended
yield on cost of 8.2%, once fully leased and income producing.
The new facility for DHL will provide 6,871 sqm of office and warehouse
space, together with extensive canopied yard areas. DHL have committed to a
five year lease over the new distribution centre which incorporates
structured rent reviews and further rights of renewal.
Bridgestone will occupy one of three multi-units being built on a high
profile site that fronts onto Halswell Junction Road. The 5,276 sqm
development will also incorporate a reconfigured entrance way into
Glassworks, raising the profile of, and enhancing access to, the estate.
Bridgestone have committed to a 12 year lease over the 1,125 sqm front unit
which will operate as a tyre sales and servicing facility. The adjoining
units will offer a combined 4,151 sqm of predominantly warehouse space which
is expected to lease quickly due to the limited vacancy and strong demand in
the Christchurch market.
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:00242161 For:GMT Type:GENERAL Time:2013-10-09 12:02:34
