Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce two new development projects at Glassworks Industry Park in Christchurch.
The developments include a pre-committed warehouse and distribution facility for global logistics operator, DHL and a multi-unit development anchored by leading tyre company, Bridgestone NZ Ltd. The adjoining developments have a total project cost of $20.7 million (including land, construction costs and all professional fees) and will add an additional 12,147 sqm of industrial space to the Trust’s investment portfolio.
The developments follow the announcement in August 2013 of a new 5,805 sqm facility for contract warehousing specialist, MOVE Logistics, also at Glassworks Industry Park.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “We are extremely pleased to be extending our relationship with both DHL and Bridgestone, high quality customers who already occupy tailor built premises in our Auckland portfolio. These projects continue the momentum in our development programme, with around $90 million of new projects announced in the first six months of the 2014 financial year.”
Both developments are expected to complete in June 2014, providing a blended yield on cost of 8.2%, once fully leased and income producing.
The new facility for DHL will provide 6,871 sqm of office and warehouse space, together with extensive canopied yard areas. DHL have committed to a five year lease over the new distribution centre which incorporates structured rent reviews and further rights of renewal.
Bridgestone will occupy one of three multi-units being built on a high profile site that fronts onto Halswell Junction Road. The 5,276 sqm development will also incorporate a reconfigured entrance way into Glassworks, raising the profile of, and enhancing access to, the estate.
Bridgestone have committed to a 12 year lease over the 1,125 sqm front unit which will operate as a tyre sales and servicing facility. The adjoining units will offer a combined 4,151 sqm of predominantly warehouse space which is expected to lease quickly due to the limited vacancy and strong demand in the Christchurch market.
About Goodman Property Trust:
GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value in excess of $2.0 billion, that accommodates more than 250 customers.
It is a high quality business with an investment grade credit rating of BBB from Standard & Poors.
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation in excess of $1.2 billion, ranking it in the top 15 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 17.6%.