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- Release Date: 22/05/12 16:25
- Summary: ASSET: GMT: Goodman development programme builds momentum
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GMT
22/05/2012 14:25
ASSET
REL: 1425 HRS Goodman Property Trust
ASSET: GMT: Goodman development programme builds momentum
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), announces further development progress.
National logistics operator, Mainstream New Zealand Limited has committed to
a new distribution warehouse at Savill Link in Otahuhu. The 10,620 sqm
facility will incorporate an open warehouse section with a rail siding,
providing direct access to KiwiRail services along the main trunk line.
Mainstream have signed a 12 year lease that incorporates fixed rent reviews
and a mid-term market review. The lease has expansion options and offers
further rights of renewal.
Scheduled to complete in June 2013, the project has an estimated total cost
of $12.5 million (including land, construction costs and all professional
fees), providing an initial yield of 8.3%.
The 18,880 sqm rear site is located on the north eastern side of the estate
with a new entranceway being created into Kiwi Street to facilitate access.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "Our
development business is attracting increasing levels of customer enquiry and
it is extremely pleasing to have secured another leading logistics operator
into the portfolio. This is the second new commitment at Savill Link in
recent times, following the just completed facility for Super Cheap Auto."
In the last 15 months GMT has commenced almost 80,000 sqm of new projects as
motivated businesses seek new facilities better suited to their operational
requirements.
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
Attachments provided to NZX:
1. Mainstream New Zealand Limited - Elevations
2. Mainstream New Zealand Limited - Site Plan
End CA:00223130 For:GMT Type:ASSET Time:2012-05-22 14:25:18
