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Macquarie Goodman adds household portfolio names

Macquarie Goodman adds household names to New Zealand portfolio
Date: 22 December 2005
Release: Immediate

Macquarie Goodman is pleased to announce the purchase of a 50% interest in the Viaduct Corporate Centre, Auckland. Major customers of this property include KPMG, Vodafone and Microsoft.

In a separate transaction, Highbrook Development Limited (75% owned by Macquarie Goodman) has secured a pre-commitment from New Zealand Post for a new facility at Highbrook Business Park, East Tamaki, Auckland.

Viaduct Corporate Centre

The Viaduct Corporate Centre is a high quality, leasehold, office park located in the heart of the harbourside Viaduct Precinct. It contains three buildings totalling 31,200 sqm, surrounding a central courtyard. The KPMG Centre was completed in 2003, the Vodafone Building in 2005, while the Microsoft Building is currently under construction and will be completed prior to settlement in September October 2006.

All three office buildings have large floorplates and provide a contemporary and open plan layout for their customers. The development of the property has been managed by Newcrest Group Ltd. The 50% interest in the property is being purchased for NZ$70.4 million on a yield of 7.8%. Settlement is expected to take place in September October 2006 once the Microsoft Building is completed.

Vodafone occupy 13,920 sqm on a 12 year lease, KPMG and Kensington Swan occupy 8,255 sqm on a 15 year lease and Microsoft have committed to 2,882 sqm on a nine year lease from practical completion. All three office leases have fixed annual review structures as do the recoverable ground leases.

The vendor is providing a two year rental guarantee on the vacant space, not yet committed in the Microsoft Building. The Viaduct Corporate Centre has a weighted average lease expiry of 9.2 years, including this rental underwrite.

Macquarie Goodman's Chief Operating Officer, David van Aanholt, said, "Macquarie Goodman is committed to growing its global business and New Zealand remains a market that offers significant opportunity."

Auckland's Viaduct Precinct is a fashionable location for customers with modern low-rise office accommodation. It is only a 10 minute walk to Auckland's CBD and is in close proximity to main arterial roads, motorways, and public transport.

Highbrook Business Park

Macquarie Goodman has also advanced its development program at the 153 hectare, Highbrook Business Park adding New Zealand Post as the third pre-commitment for development within the Park.

Highbrook Business Park is 75% owned by Macquarie Goodman and is located on the Waiouru Peninsula in East Tamaki, Auckland.

New Zealand Post has signed a 12 year lease for a 17,700 sqm purpose built mail sorting and distribution facility. The lease has annual CPI reviews and provides an initial yield of approximately 8.65% on a total project cost estimated to be NZ$30 million.

Mr van Aanholt said, "New Zealand Post are a major industrial and business space user in New Zealand and their commitment to choose Highbrook as the preferred location of their new premises is another milestone in its development into a premier Business Park for the Auckland and New Zealand market."


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