Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust"), is pleased to announce a package of new developments at Highbrook
Business Park totalling $44.0 million.
The five projects, which include a further stage to The Crossing and two new
industrial facilities, are expected to generate around $3.7 million of annual
rental income once completed.
Goodman (NZ) Limited''s Chief Executive Officer, John Dakin said "Completing
the development programme at Highbrook is a key priority and these new
projects are timed to take advantage of the positive customer demand and
strong market conditions that currently exist."
With a current value in excess of $1.0 billion, Highbrook Business Park is
GMT''s largest investment asset. Around 70% of the way through its planned
development the 110 hectare estate already features more than 40 buildings,
providing over 380,000 sqm of warehouse and office space.
The Crossing is the commercial heart of Highbrook, providing accommodation,
business support services, food and hospitality options, together with other
amenity and recreational opportunities for estate customers and others within
the East Tamaki catchment area.
John Dakin said "High occupancy levels at the Quest and a shortage of visitor
accommodation in Auckland are the catalysts for a substantial new expansion
project that will double the number of serviced apartments at The Crossing.
Following the success of the recently completed Building 5 we are also
commencing another new office facility and developing an adjoining
multi-storey carpark."
The new projects will add an additional 60 apartments, 3,009 sqm of high
quality office space and 324 car parks to The Crossing, intensifying its use
and providing capacity for future development stages.
Complementing the projects at The Crossing are two new industrial
developments, they include:
+ a multi-unit showroom and warehouse facility of 1,730 sqm on Highbrook
Drive, and
+ a 2,929 sqm warehouse located on Pukekiwiriki Place.
John Dakin said "With GMT''s industrial portfolio recording an occupancy rate
of 100% these new developments continue the highly successful build-to-lease
programme that is delivering much needed capacity into a very constrained
Auckland industrial market. With most projects leasing well before completion
it''s been an effective strategy that is growing cash earnings and improving
an already high quality property portfolio."
A schedule of the new development projects announced today is included as an
appendix to this announcement.
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
James Spence
Director Investment Management
Goodman (NZ) Limited
(09) 903 3269
(021) 538 934
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market
capitalisation of around $1.6 billion, ranking it in the top 20 of all listed
investment vehicles. The Manager of the Trust is a subsidiary of the ASX
listed Goodman Group, Goodman Group are also the Trust''s largest investor
with a cornerstone unitholding of 21%.
GMT is New Zealand''s leading industrial and business space provider. It has a
substantial property portfolio with a value in excess of $2.3 billion that
accommodates more than 250 customers. The Trust holds an investment grade
credit rating of BBB from Standard & Poor''s.
End CA:00298539 For:GMT Type:GENERAL Time:2017-03-21 08:58:10