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MGP Advances Development Programme


MGP Advances Development Programme

Macquarie Goodman Property Trust (“MGP”) and ASX listed co-ownership partner, Macquarie Goodman Group (“Macquarie Goodman”) are pleased to announce new pre-commitments to Toll Logistics and Daniel Silva Group at the Savill Link and Westney Industry Park development estates respectively.

Toll Logistics has exercised its expansion rights at the Savill Link industrial estate pre-committing to an 8,400 sqm purpose-built distribution facility. With practical completion expected in November 2006 the total project cost is approximately $9.8 million. The six year lease to Toll Logistics has two yearly rent reviews and two rights of renewal of six years each.

Macquarie Goodman (NZ) Limited’s Chief Executive Officer, Mr Dakin said, “By focusing on the customer and offering them the flexibility to expand we have grown our relationship with Toll and advanced our development programme at Savill Link. The development estate is now over 30% committed after just two years”.

MGP and Macquarie Goodman have also established a relationship with Daniel Silva Group a specialist logistics service operator.

Daniel Silva Group has committed to a 3,500 sqm warehouse and distribution facility at Westney Industry Park. The $3.6 million development is expected to be completed in February 2007 and has a lease term of eight years with two yearly reviews.

Daniel Silva Group has expansion rights over 5,200 sqm of adjoining land to allow for the construction of an additional 3,100 sqm of warehouse space.

Mr Dakin said, “Westney Industry Park continues to attract significant new business and it is already 40% committed. Its proximity to Auckland International Airport and main arterial routes means the locality offers customers considerable advantages over other Auckland industrial precincts”.

The two new developments provide a blended yield on cost of 8.65%.

Ends


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