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Christchurch Development Progresses


Christchurch Development Progresses

Goodman Property Trust ("GMT" or Trust") is pleased to announce two pre-commitments totalling 4,510sqm at Glassworks Industry Park in Hornby, Christchurch.

Purchased in November 2006, Glassworks Industry Park provides almost 10 hectares of development land in the heart of the Christchurch industrial market. Commitments from Fisher & Paykel Appliances and Big Chill Distribution are the first stage in the development of a modern 50,000sqm industrial estate.

The purpose built warehouse and distribution facilities have a combined project cost of $6.8 million (including land, construction cost and all fees) providing a blended yield on cost of 8.0%.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said "We are delighted to have commenced development at the Glassworks estate so soon after its purchase. Christchurch is an important market for the Trust and our development strategy means we have the ability to grow our business in a competitive investment environment."

At 3,950sqm the Fisher and Paykel facility is the larger of the two developments and is to be used as its South Island distribution headquarters. The 9 year lease commences in April 2008 and has a varied review structure with annual inflation adjustments together with market reviews every three years. Fisher and Paykel have also taken expansion rights over approximately 3,000sqm of adjoining land.

Big Chill Distribution has committed to a 560sqm coldstore and distribution facility for a fifteen year term with annual inflation linked reviews. It is the second facility to be purpose built for them; they are also a customer of the Trust at Highbrook Business Park in Auckland.

ENDS

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