GMT Commences New 5670 sqm Office Development | New Zealand
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GMT Commences New 5670 sqm Office Development

Monday, 9 September 2013
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.

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

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 17.5%.