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Development projects top $100 million at Highbrook

Wednesday, 15 July 2015

Goodman (NZ) Limited, the Manager of Goodman Property Trust, is pleased to announce the development of a new cool store at Highbrook Business Park (“Highbrook”) in Auckland.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “A positive operating environment is facilitating our customers’ business growth and we’re extremely pleased to be developing a new, larger cool store for an existing refrigerated logistics customer at Highbrook.”

The customer has committed to a 15 year lease over the new 7,458 sqm facility, which has a total project cost of $26.8 million .

Located on a 3.9 ha site at the southern corner of the estate, the new development features office space, refrigerated warehousing and extensive yard areas. It also includes expansion rights to accommodate future growth.

John Dakin said “Sustained customer demand is supporting a high level of development activity, with eight new projects totalling over $108.6 million announced at Highbrook over the last 18 months. Businesses recognise the quality and locational benefits of this award winning estate and we are now more than two thirds of the way through its planned development.”

The majority of the new projects at Highbrook have been design-build commitments from existing customers requiring additional space. These projects will add over 50,000 sqm of rentable area to the portfolio and are expected to generate $8.6 million of annual rental once fully income producing, providing a yield on cost of around 7.9%.

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