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- Release Date: 09/09/13 13:14
- Summary: GENERAL: GMT: GMT Commences New 5,670 sqm Office Development
- Price Sensitive: No
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GMT
09/09/2013 11:14
GENERAL
REL: 1114 HRS Goodman Property Trust
GENERAL: GMT: GMT Commences New 5,670 sqm Office Development
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce further investment and development
initiatives at Central Park Corporate Centre ("Central Park").
Strategically located in Auckland's Greenlane commercial precinct, and
providing over 38,000 sqm of rentable area, Central Park is the largest of
the Trust's suburban office parks.
Strengthening occupier demand and limited new supply has contributed to
strong leasing results at the $158 million estate.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "The
successful leasing of the Trust's recently completed Genesis Energy Building
means we have very few options for customers seeking high quality business
space at Central Park. To accommodate this demand we have accelerated our
development programme and commenced construction of a new 5,670 sqm office
building. We also have a capital upgrade programme underway that is enhancing
the estate and adding further amenity to cater for an expected daily
workforce of over 2,000 people."
The new building will replace an older style 1,700 sqm facility at the
southern entrance to the park.
Bordering directly onto Great South Road, the premium quality, five level
office building will incorporate sustainable design elements and feature
large, open-plan workspaces that make it suitable for a range of business
occupiers.
Scheduled to complete in late 2014, the project has a forecast total cost of
$22.4 million (including land, construction costs and all professional fees).
The development is expected to provide a yield on cost of around 9% once
fully leased and income producing.
John Dakin added, "The Greenlane corridor is a proven business location and
its popularity has supported the development of more than 40,000 sqm of space
at the Trust's Central Park and Millennium Centre office parks. It has been a
successful growth strategy that has enhanced the portfolio and extended the
range of options we can offer our customers."
Rising business confidence and a strengthening economy are contributing to a
greater level of development activity across all the Trust's estates. With 10
office and industrial projects currently underway, the Trust has almost $100
million of work in progress.
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. Central Park Corporate Centre - perspective of new office building
2. Central Park Corporate Centre - aerial
3. Central Park Corporate Centre - site plan
End CA:00240885 For:GMT Type:GENERAL Time:2013-09-09 11:14:49
