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- Release Date: 22/04/13 12:13
- Summary: GENERAL: GMT: Development Progress for GMT
- Price Sensitive: No
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GMT
22/04/2013 10:13
GENERAL
REL: 1013 HRS Goodman Property Trust
GENERAL: GMT: Development Progress for GMT
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce recent development commitments totalling
$11.4 million.
The largest of the new projects is a tailored office and warehouse solution
to be built for Trio Group at Highbrook Business Park in Auckland. The print
management and logistics specialists will take an eight year lease over the
3,500 sqm facility. The lease agreement reflects current market rentals and
includes a fixed annual review mechanism, together with expansion rights over
adjoining land.
The Trust has also secured a further commitment from Bridgestone at M20
Business Park in Wiri. The new 2,200 sqm manufacturing and storage facility
will adjoin the existing 4,900 sqm distribution warehouse completed for the
tyre distributor in 2011.
Bridgestone have committed to a 12 year lease over the new facility which
incorporates fixed rent reviews together with future expansion options and
further rights of renewal.
Scheduled to complete in February 2014 and November 2013 respectively these
two new development projects have a combined total project cost of $10.3
million (including land, construction costs and all professional fees).
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "A
strengthening economy and improving business confidence are reflected in the
current levels of customer enquiry with over $80 million of new development
projects commencing in the last 12 months. Secured by long term leases to
successful companies these projects enhance the overall quality and value of
the portfolio. They also contribute to a growing rental stream, delivering
superior yields on cost that average around 8.7%."
GMT is also undertaking expansion works in Christchurch with a new 1,800 sqm
warehouse being built for Carter Holt Harvey at its 20,541 sqm packaging
facility in Hornby for a total cost of $1.1 million. The customer is
extending their existing lease for a further 6 years, to August 2022, as part
of the agreement.
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:00235408 For:GMT Type:GENERAL Time:2013-04-22 10:13:15
