Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), announces further development progress.
National logistics operator, Mainstream New Zealand Limited has committed to a new distribution warehouse at Savill Link in Otahuhu. The 10,620 sqm facility will incorporate an open warehouse section with a rail siding, providing direct access to KiwiRail services along the main trunk line.
Mainstream have signed a 12 year lease that incorporates fixed rent reviews and a mid- term market review. The lease has expansion options and offers further rights of renewal.
Scheduled to complete in June 2013, the project has an estimated total cost of $12.5 million (including land, construction costs and all professional fees), providing an initial yield of 8.3%.
The 18,880 sqm rear site is located on the north eastern side of the estate with a new entranceway being created into Kiwi Street to facilitate access.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “Our development business is attracting increasing levels of customer enquiry and it is extremely pleasing to have secured another leading logistics operator into the portfolio. This is the second new commitment at Savill Link in recent times, following the just completed facility for Super Cheap Auto.”
In the last 15 months GMT has commenced almost 80,000 sqm of new projects as motivated businesses seek new facilities better suited to their operational requirements.
Attachments provided to NZX:
1. Mainstream New Zealand Limited – Elevations
2. Mainstream New Zealand Limited – Site Plan