Ann: GENERAL: GMT: Development Demand Continues A

• Release Date: 16/07/13 13:36
• Summary: GENERAL: GMT: Development Demand Continues At Highbrook
• Price Sensitive: No
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GMT
16/07/2013 11:36
GENERAL

REL: 1136 HRS Goodman Property Trust

GENERAL: GMT: Development Demand Continues At Highbrook

Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce further progress at Highbrook Business Park
with the commencement of four new development projects.

The developments have a combined total project cost of $23.7 million
(including land, construction costs and all professional fees) and will add
an additional 13,915 sqm of industrial space to the Trust's investment
portfolio.

With a blended yield of 8.4%, the facilities are expected to generate around
$2.0 million of annual rental income once completed and fully income
producing.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "It is
encouraging to see a strong lift in customer enquiry and we're accelerating
our development programme to meet demand for new facilities across all our
estates. Existing customers are also seeking expansion options as their
businesses grow. These new projects at Highbrook reflect our strong customer
relationships and reinforce the park's reputation as one of Auckland's
premier business locations."

The largest of the new projects is a 7,793 sqm expansion for existing
customer, Viridian Glass Limited. Completion of the new warehouse and office
facility is timed for December 2015, with the customer paying ground rental
on the 16,596 sqm site until the expansion is completed. The enlarged
facility, which also features extensive yard and hardstand areas, will
incorporate a new 15 year lease that extends the current term out until 2030.

Two further expansion projects, encompassing 4,660 sqm of warehouse and
office areas, are underway for Contract Logistics and Big Chill Distribution.
These customers already occupy more than 10,000 sqm of space at Highbrook
Business Park and hold expansion rights over adjoining land.

Scheduled to complete in June 2014 and February 2014 respectively, these two
projects have a total project cost of $7.1 million.

Both customers are extending their current leases as part of the expansion
agreements, with the expiry for Contract Logistics now June 2020, while the
Big Chill lease extends out to February 2029.

GMT is also reconfiguring the 6,429 sqm warehouse and office facility on Sir
Woolf Fisher Drive occupied by The Just Group. The existing building is being
extended to 7,891 sqm and configured as a multi-unit facility with a moveable
inter-tenancy wall to provide increased leasing flexibility.

With two separate road access points the expansion allows better utilisation
of the existing site and provides The Just Group with 5,145 sqm of space
tailored to its current requirements. The new adjoining unit will offer 2,746
sqm of predominantly warehouse area that is expected to lease quickly due to
the limited vacancy and strong demand at Highbrook Business Park.

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:00238633 For:GMT    Type:GENERAL    Time:2013-07-16 11:36:16