GMT advances development programme in Wiri

For immediate release
 
17 September 2009
 
GMT advances development programme in Wiri

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce a new development commitment to Ingram Micro at M20 Business Park in Wiri, Auckland.  

Technology products and services provider, Ingram Micro New Zealand, has committed to a purpose built warehouse and office facility totalling 10,355 sqm. The development is the third design build project undertaken at M20 Business Park.

The strategically located estate is adjacent to the State Highway 20 motorway extension, due to finish in 2011, and is in close proximity to the Southern Motorway interchange and nearby Auckland International Airport.

The lease has a mixed review structure with a combination of fixed and market rent reviews and has rights of renewal that could extend the initial expiry from 2016 out until 2024.

The customer has also secured expansion rights over adjoining land.

Scheduled to complete in May 2010, the development has an estimated total project cost of $12.7 million (including land, construction cost and all fees), providing an initial yield on cost of 9.0%.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “The appeal of our development estates and tailored property offering has continued to attract customers like Ingram Micro. It is especially pleasing that despite today’s more challenging economic conditions, Goodman’s own+develop+manage business model continues to deliver results."

Ingram Micro New Zealand is a wholly owned subsidiary of Ingram Micro Inc, the world’s largest technology distributor with operations in 100 countries.  

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