Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce a new development commitment at Glassworks Industry Park in Christchurch.
PlaceMakers, a leading brand in the building materials and hardware business has committed to a new 2,745 sqm trade outlet at the Trust’s industrial estate in Hornby.
To facilitate the sale of its building products range the new outlet will feature an extensive trade store with a drive-through warehouse and associated yard area.
The nine year lease is set at market rentals and has a fixed review structure together with further rights of renewal. The customer has expansion rights over adjacent land for four and a half years.
Scheduled to complete in April 2013, the project has an estimated total cost of $5.0 million (including land, construction costs and all professional fees), providing an initial yield of 8.5%.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “We are extremely pleased to be advancing our development programme in Christchurch and look forward to extending our relationship with Fletcher Building Limited, a company that is already a significant customer in our Auckland portfolio.”
PlaceMakers is the trading name of Fletcher Distribution Limited, the retail trading arm of Fletcher Building Limited in New Zealand.