GMT
08/06/2015 08:44
GENERAL
NOT PRICE SENSITIVE
REL: 0844 HRS Goodman Property Trust
GENERAL: GMT: Development Programme Accelerating
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce further progress in the Trust's development
programme with the commencement of four new industrial projects in Auckland.
The developments, which have a combined total project cost of $45.8 million ,
will add an additional 27,112 sqm of rentable area to the Trust's investment
portfolio and are expected to generate around $3.4 million of annual rental
income.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "Strong
property fundamentals and continuing customer demand is allowing us to
accelerate our development programme. With new businesses choosing to locate
to design built premises at our estates and existing customers exercising
expansion options, we are targeting $100 million to $150 million of new
development projects annually."
The largest of the new projects is a new manufacturing and warehouse facility
for Orora Packaging (New Zealand) Limited, at M20 Business Park.
The Trust is also commencing a new 3,300 sqm warehouse, neighbouring the
Orora development. With limited vacancy and strong demand in Wiri, the
uncommitted facility provides much needed capacity for customers seeking high
quality space that offers direct access to both SH1 and SH20.
Scheduled to complete in October 2016, these two new developments have a
combined total project cost of $26.9 million.
Existing customer partnerships have also facilitated two new warehouse
projects at the Trust's Highbrook Business Park and Savill Link estates.
The CSR Viridian expansion at Highbrook, which was initially announced in
2013 with a deferred start, has increased in size by around 30% from its
initial specification to 10,486 sqm. The enlarged factory warehouse will
total over 18,000 sqm once completed and will feature extensive yard and
hardstand areas.
Holden (New Zealand) Limited has also committed to a 2,002 sqm warehouse
expansion that utilises the full site area at its distribution centre in
Savill Link, Otahuhu.
Scheduled to complete in March 2016 and May 2016 respectively, these two
projects have a total cost of $18.9 million. Both customers are extending
their current leases as part of the expansion agreements, with the expiry for
CSR Viridian now 2031, while the Holden lease extends out to 2022.
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:00265346 For:GMT Type:GENERAL Time:2015-06-08 08:44:39
