GMT
15/07/2015 09:05
ASSET
PRICE SENSITIVE
REL: 0905 HRS Goodman Property Trust
ASSET: GMT: Development projects top $100 million at Highbrook
Goodman (NZ) Limited, the Manager of Goodman Property Trust, is pleased to
announce the development of a new cool store at Highbrook Business Park
("Highbrook") in Auckland.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "A positive
operating environment is facilitating our customers' business growth and
we're extremely pleased to be developing a new, larger cool store for an
existing refrigerated logistics customer at Highbrook."
The customer has committed to a 15 year lease over the new 7,458 sqm
facility, which has a total project cost of $26.8 million .
Located on a 3.9 ha site at the southern corner of the estate, the new
development features office space, refrigerated warehousing and extensive
yard areas. It also includes expansion rights to accommodate future growth.
John Dakin said "Sustained customer demand is supporting a high level of
development activity, with eight new projects totalling over $108.6 million
announced at Highbrook over the last 18 months. Businesses recognise the
quality and locational benefits of this award winning estate and we are now
more than two thirds of the way through its planned development."
The majority of the new projects at Highbrook have been design-build
commitments from existing customers requiring additional space. These
projects will add over 50,000 sqm of rentable area to the portfolio and are
expected to generate $8.6 million of annual rental once fully income
producing, providing a yield on cost of around 7.9%.
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:00267015 For:GMT Type:ASSET Time:2015-07-15 09:05:44
