Pre-commitment from Toll at Westney Industry Park
Macquarie Goodman secures pre-commitment from Toll International at Westney Industry Park
Macquarie Goodman Property Trust (MGP) and ASX listed co-ownership partner, Macquarie Goodman Group (Macquarie Goodman) are pleased to announce the development of a new multi unit industrial complex at Westney Industry Park, Mangere, Auckland. Toll International have pre-committed to one of the four units being developed.
Toll International, part of the Toll Group, Australia's largest transport and logistics provider, is to lease a new 3,977 sqm warehouse facility in a multi unit development at Westney Industry Park. The lease is for six years with a two yearly review cycle. The four unit development will total 14,460 sqm and have an estimated net rental of $1.13 million once fully leased.
The development of the units is expected to be completed in stages, from April 2006, with a total project cost of $12.34 million providing a forecast yield of 9.1%.
MGP and Macquarie Goodman hold a six year licence to develop the 34 hectare, leasehold at Westney Industry Park and this is the second development to commence following the design build facility for Linfox Logistics. The Linfox facility is scheduled for completion in November 2005.
Its proximity to the Airport and State Highway One means the locality offers customers considerable advantages over other Auckland Industrial precincts and has been an area of significant growth over the last seven years. Latest property market statistics from Jones Lang LaSalle Research show total stock in the Mangere Precinct has doubled since 1997 to over 360,000sqm while the current vacancy rate of 4.6% is at a seven year low.
Macquarie Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "The development of the multi units at Westney Industry Park will provide accommodation solutions for smaller operators looking to locate close to the airport and complements the larger design build facilities typically undertaken by MGP and Macquarie Goodman. Furthermore, the pre-commitment to Toll International demonstrates the success of MGP's Customer Service Model with various business units of the Toll Group now occupying more than 29,000sqm in the MGP portfolio up from just 8,400sqm a year ago."
Toll is one of MGP's top five customers by annual net rental.
Macquarie Goodman is Australasia's largest listed industrial service and space provider. Our focus is on the delivery, management and long-term ownership of industrial and business park space. We approach business with a sense of partnership and seek to understand each customer's individual requirements to provide a complete and inspired property solution.