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.