10 June 2004

Manukau Mayor Welcomes Investment In $1 Billion Business Park

Sydney-based Macquarie Goodman has announced its intention to acquire a major shareholding in Highbrook Development Ltd which owns property on the Waiouru Peninsula, East Tamaki, that is to be developed into a $1 billion hi-tech business park called Highbrook.

Macquarie Goodman is acquiring a 37.5% interest for NZ $34.2 million. The land value is just under $100 million.

Highbrook will have a capacity of over a half a million square metres of commercial and light industrial buildings, and provide between 9,000 and 12,000 jobs.

Manukau mayor Sir Barry Curtis says the announcement is further confirmation of Manukau's strength as a preferred location for business investment. Last year almost 500 businesses moved to or expanded in the city.

"Australians too can see the potential. Highbrook will be a tremendous plus for the city. There is nothing like it at present and it will be the most exciting development of its kind in New Zealand, with tremendous spin offs for the city.

"It won't be just another industrial estate. The park will attract new-technology industries and other cutting edge businesses that are the way of the future in Manukau as we move towards a more sophisticated and diverse economic base.

"Great care is being taken to create a quality landscape for the public to enjoy. Highbrook will have a park-like environment, with avenues of trees and large amounts of green, open space. The plans will include measures to ensure the shoreline on the Tamaki River retains its natural, unspoilt features."

"It will set a new standard and I am delighted that the Council is assisting it. The new interchange to link Highbrook with the southern motorway will provide the fast transport links such as development needs."

Construction of the Waiouru interchange begins in October.

Sir Barry says, "With the thousands of jobs it will generate, Highbrook will provide many opportunities for large numbers of school leavers. Half the students who leave school each year in our city seek work rather than go into tertiary education, and we need growing industries to provide jobs for them".

ENDS

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