Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce new development and leasing activity at Highbrook Business Park.
Leading glass and glazing supplier Metropolitan Glass and Glazing Limited (Metroglass) has committed, subject to obtaining consents, to a new 16,500 sqm warehouse, office and showroom facility (on a 25,465 sqm corner site) at the northern edge of the estate.
Metroglass is a major manufacturer and supplier of flat glass products and glazing services to the building and retail sectors. The new facility will consolidate their Auckland manufacturing and distribution functions in one central location.
Metroglass has also secured expansion rights over adjoining land.
Scheduled to complete in September 2014, the project has an estimated total cost of $25.2 million. The 15 year lease is set at market rental levels and includes fixed annual increases.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “Customer enquiry continues to improve as business confidence strengthens and we are extremely pleased to be announcing another new development commitment. The facility for Metroglass is the sixth new project we have announced at Highbrook this year, building on the momentum created with the earlier commitments from Big Chill, Contract Logistics, Trio, Viridian and the expansion and reconfiguration of the Just Group facility.”
These projects will provide almost 34,000 sqm of high quality business space to the portfolio and contribute more than $4.4 million of annual rental, on a blended yield of 8.1%, once complete.
The Trust has also recently completed The Crossing, a mixed use development at Highbrook, which was opened by the Prime Minister at an official ceremony on 18th October 2013. Following a new office lease to industry training specialists, The Skills Organisation the first phase of this commercial, retail and hospitality precinct is now 90% leased.
John Dakin said “We are more than halfway through the planned development at Highbrook and are excited by the progress that has been achieved to date. We expect The Crossing to be a further catalyst that helps drive the next phase of our development programme.”
Strong leasing results have also been achieved elsewhere at Highbrook with packaging suppliers, Charta Packaging Limited, committing to a long term lease over a 10,047 sqm industrial facility previously occupied by GEON.
About Goodman Property Trust:
GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value of $2.0 billion. It is a high quality business with an investment grade corporate credit rating of BBB
from Standard & Poor’s.
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%.