Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Goodman Property invests $107M in 6 industrial developments

Goodman Property to invest $107M in six industrial developments in Auckland

By Jonathan Underhill

Aug. 10 (BusinessDesk) - Goodman Property Trust, the NZX-listed commercial and industrial property investor, plans to spend $107 million in six industrial developments in Auckland, saying it is intensifying activity in the city to meet demand.

The six new projects will add 58,368 square metres of warehouse and office space to GMT’s 1 million sqm portfolio, it said in a statement.

"The Auckland industrial market is the strongest it’s ever been with historically low vacancy creating significant opportunity for our business," said trust manager Goodman (NZ)'s chief executive John Dakin. "We’re intensifying GMT’s development programme to help meet customer demand and the commencement of these new projects means the trust will have over $170 million of building work underway in Auckland.”

All six developments are slated for completion in 2018. They include three in the Highbrook Development Park, including Gateway Warehouse Developments, which is earmarked for $46 million of development spending, it said. Dakin said Highbrook was expected to be 90 percent complete within three years.

GMT's Auckland industrial weighting will increase to more than 78 percent of its total portfolio with the completion of current and proposed projects, it said.

Its shares were last at $1.28 and have slipped 1.1 percent in the past 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: