MGP Secures Two New Customers
5 July 2006
NZX Release – Macquarie Goodman Property Trust
MGP Secures Two New Customers and a Further Pre-committment
Macquarie Goodman Property Trust (“MGP”) is pleased to announce it has secured new customers Pernod Ricard New Zealand Limited (“Pernod Ricard”) at 4 Viaduct Harbour Avenue (HP House) in Auckland’s Viaduct precinct, and Restaurant Brands Limited at Central Park Corporate Centre, Greenlane.
Global beverage manufacturer Pernod Ricard has leased 2,825 sqm of office space, to be vacated by Hewlett Packard, at 4 Viaduct Harbour Avenue. The nine year lease is at market rentals with CPI linked reviews and includes 31 carparks, storage areas, signage and naming rights.
Restaurant Brands Limited has committed to 1,259 sqm of office space and 50 carparks, being the balance of vacant space in the Westpac Centre at Central Park Corporate Centre following the departure of GDC Communications. The nine year lease is also at market rentals with fixed reviews.
In addition to these two new leases MGP and ASX listed co-ownership partner, Macquarie Goodman Group, have secured a development pre-commitment from existing customer, Supply Chain Solutions (NZ) Limited (“SCS”), for a purpose built warehouse and distribution centre at Westney Industry Park, Mangere, Auckland.
SCS, a specialist logistics company, has committed to a 4,641 sqm distribution facility. With practical completion expected to be January 2007, the total project cost of $4.2 million provides an initial yield of 9.0%. The 10 year lease has a combination of fixed and market reviews.
Macquarie Goodman (NZ) Limited's Chief Executive Officer, John Dakin said, “We are extremely pleased to have attracted such high quality customers to the portfolio and provided an existing customer with a new design build solution. The duration and review structure of the new leases greatly enhances our portfolio”.
Following these transactions the MGP portfolio has a weighted average lease expiry of 5.7 years and an occupancy rate of 98%.