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

 

Further commitment from Linfox Logistics

NZX Release – Macquarie Goodman Property Trust

MGP secures further commitment from Linfox Logistics at Westney Industry Park

Date: 5 December 2005
Release: Immediate

Macquarie Goodman Property Trust (“MGP”) is pleased to announce an extension to the Linfox Logistics facility at Westney Industry Park, Mangere, Auckland.

Linfox Logistics (NZ) Limited (“Linfox”) has exercised its expansion rights and will extend its recently completed warehouse and distribution facility at Westney Industry Park. The extension adds an additional 9,348sqm of warehouse, 358sqm of office space and 3,295sqm of canopies to the existing premises.

The development will be undertaken by MGP following its acquisition of Macquarie Goodman Group’s 50% share of ownership of the existing Linfox development at Westney Industry Park in March 2005. With practical completion expected in June 2006 the total project cost of $10,291,454, including all fees and finance costs, provides a forecast yield of 9.1%.

Following the completion of the extension, Linfox will enter into a new lease that incorporates the existing premises and the extension. The new lease will expire in November 2013 and will have the same rental rates, review mechanism, expiry date and renewal options as the original agreement.

The ground lease with Workstore Developments will also be amended to include the additional 2.0ha of land occupied by the extension.

Macquarie Goodman (NZ) Limited’s Chief Executive Officer, John Dakin said “By offering customers flexibility we are able to accommodate their changing business needs. The expansion of the warehouse and distribution facility for Linfox is a good example of this. The net lettable area of the facility has increased from 39,010 sqm to 52,011 sqm with the corresponding rise in rental income resulting in Linfox becoming MGP’s second largest customer. The Linfox facility is now one of the largest modern warehouses in Auckland with a building footprint of over 5.0ha.”

The weighted average lease expiry of the MGP portfolio improves from 4.4 years as at 30 September 2005 to 4.5 years following this extension.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Game Developers Association: Existing Government Measures Won’t Stop One Of Our Fastest-growing Sectors Moving To Australia

“Existing government policies won’t stop New Zealand gaming and interactive media companies from choosing to expand in Australia instead of New Zealand,” NZGDA Chairman Chelsea Rapp... More>>

DoC: A Tale Of Two Halves For Rock Wren/Tuke
It’s a tale of two halves for rock wren/tuke with their fortunes hanging on effective predator control, the latest South Island-wide survey shows. The Department of Conservation monitoring programme, now in its third year, tracks populations of this small alpine bird... More>>


TradeMe: Wages Remain Hot While Job Listings Cool Off
Salaries are skyrocketing in the regions as Kiwi employers battle to attract staff and combat the rising cost of living, according to the analysis of over 77,000 vacancies listed on Trade Me Jobs for the quarter ending 30 June (Q2)... More>>




Spark: Launch Of New Submarine Cable Expands New Zealand’s International Connectivity By Nearly 100%

Southern Cross Cables Limited (“SX”) today announced the launch of its Southern Cross NEXT fibre cable (SX NEXT), creating the largest submarine network connecting Australasia... More>>



Motor Industry Association: New Vehicle Registrations Soften

The Motor Industry Association’s Mark Stockdale says that 12,049 registrations of new vehicles for the month of June shows the market is weakening in the face of raising costs of living... More>>



MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>