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Macquarie trusts acquire premium greenfield site

Macquarie Goodman trusts acquire premium greenfield site to accommodate Linfox precommitment

MGI and MGP announce the securing of a premium greenfield site at Westney Road, Mangere in Auckland and the signing of a significant precommitment from Linfox Logistics (NZ) Limited.

Together these agreements represent an innovative property solution to the high level of demand for premium space close to Auckland International Airport, and to the current and future needs of a key customer under a preferred partnership property agreement.

Located on Westney Road, the Mangere site provides direct access to freight terminals and, with close proximity to main arterial networks including the South Western Motorway, offers customers a significant advantage over other Auckland industrial precincts.

Under the terms of a Development Deed with Workstore Developments Limited, MGI and MGP have acquired a six year licence to occupy the full 34 hectare site for the purposes of marketing and development. Optional, individual 20 year perpetually renewable ground leases are to be entered into as the estate is developed with a subsequent ground lease payable by MGI and MGP to Workstore Developments Limited. The cost of developing the necessary infrastructure will remain with Workstore Developments Limited.

MGI and MGP will develop a 29,500 sqm warehouse/distribution facility (with expansion rights) for Linfox under an eight year lease, which is reviewed every two years. Total project costs will be $27.80 million (A$25.20 million) representing a net initial yield of more than 9%.

Linfox will relocate from MGI’s and MGP’s existing co-owned property, Auckland Distribution Centre in Manukau. It will vacate the property on practical completion of the new facility in Mangere, which is scheduled for September 2005. With leasing interest currently strong in Manukau, we are confident that subsequent prospects for re-leasing Auckland Distribution Centre will be positive.

Macquarie Goodman (NZ) Limited Chief Executive Officer, John Dakin said, “We are pleased to have successfully helped Linfox with the amalgamation of its Auckland distribution centres. At the same time, we have secured a market presence in the airport precinct and the ability to provide further leasehold development land at this premium location.”
Currently in Queensland and New South Wales, we have two purpose-built facilities underway for Linfox to accommodate its growing business requirements. Linfox director Andrew Fox said they were pleased to be entering into another transaction with Macquarie Goodman. “To date Macquarie Goodman has provided us with approximately 170,000 sqm of space across 10 facilities in New Zealand and Australia. This has delivered the flexibility and property solutions required to help drive our business,” he said.

David van Aanholt, Chief Operating Officer of Macquarie Goodman Management Limited said, “Between the two trusts, we have the ability to offer a range of accommodation solutions with varied price points across three key Auckland industrial property precincts. The Auckland development pipeline offers a total developable site area of 1.44 million sqm with recent additions including the 153 hectare Highbrook Business Park in East Tamaki, the 26.5 hectare Savill Link in Otahuhu and the 1.3 hectare Millennium Centre Phase 2 in Greenlane.”

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