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MGP and MGQ collaborate to deliver new facility

MGP and MGQ collaborate to deliver new facility at The Gate

Today Macquarie Goodman announced it would purpose-build a new facility at The Gate Industry Park for new customer Winstone Wallboards. Please find below and attached, the release sent to the NZX.

*Macquarie Goodman** Property Trust (MGP) and **Macquarie Goodman** Group (MGQ) are to develop a 7,300 square metre facility for new customer Winstone Wallboards at The Gate Industry Park, Auckland.*

Winstone Wallboards, a subsidiary of NZX-listed Fletcher Building, has committed to a purpose-built warehouse/distribution and office facility at The Gate Industry Park. Winstone Wallboards is New Zealand’s largest manufacturer of gypsum wallboard and associated drywall systems for walls and ceilings.

Occupying a site of 1.5 hectares, the warehouse/distribution facility is the first unit at The Gate Industry Park to be jointly developed by MGP and MGQ, following MGP’s acquisition of a 50% interest in the remaining development land at The Gate Industry Park.

Practical completion is expected in December 2005 and the lease term is 15 years. The development of this new facility for Winstone Wallboards is complementary to the industrial units that MGP is also building at The Gate. Total expenditure on both these developments at The Gate Industry Park is estimated to be $26.5m, with an anticipated yield on completion in excess of 8.5%.

Macquarie Goodman (NZ) Limited chief executive John Dakin said the new development would bring the total number of customers at The Gate Industry Park to seven, from just two customers four years ago. “This is a reflection of the increasing demand New Zealand businesses have for quality space in Auckland’s industrial suburbs. This latest transaction illustrates the demand for The Gate Industry Park, which is now 98% committed.”

Recently, MGP announced it had secured prominent New Zealand furniture brand Furniture City at Savill Link, becoming its third customer at the industrial estate in Otahuhu.

All figures are in New Zealand dollars unless otherwise stated.

Today Macquarie Goodman announced it would purpose-build a new facility at The Gate Industry Park for new customer Winstone Wallboards. Please find below and attached, the release sent to the NZX.

Macquarie Goodman Property Trust (MGP) and Macquarie Goodman Group (MGQ) are to develop a 7,300 square metre facility for new customer Winstone Wallboards at The Gate Industry Park, Auckland.

Winstone Wallboards, a subsidiary of NZX-listed Fletcher Building, has committed to a purpose-built warehouse/distribution and office facility at The Gate Industry Park. Winstone Wallboards is New Zealand’s largest manufacturer of gypsum wallboard and associated drywall systems for walls and ceilings.

Occupying a site of 1.5 hectares, the warehouse/distribution facility is the first unit at The Gate Industry Park to be jointly developed by MGP and MGQ, following MGP’s acquisition of a 50% interest in the remaining development land at The Gate Industry Park.

Practical completion is expected in December 2005 and the lease term is 15 years. The development of this new facility for Winstone Wallboards is complementary to the industrial units that MGP is also building at The Gate. Total expenditure on both these developments at The Gate Industry Park is estimated to be $26.5m, with an anticipated yield on completion in excess of 8.5%.

Macquarie Goodman (NZ) Limited chief executive John Dakin said the new development would bring the total number of customers at The Gate Industry Park to seven, from just two customers four years ago. “This is a reflection of the increasing demand New Zealand businesses have for quality space in Auckland’s industrial suburbs. This latest transaction illustrates the demand for The Gate Industry Park, which is now 98% committed.”

Recently, MGP announced it had secured prominent New Zealand furniture brand Furniture City at Savill Link, becoming its third customer at the industrial estate in Otahuhu.

All figures are in New Zealand dollars unless otherwise stated.

ENDS

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