GMT Commences New Office Development

19 June 2012

GMT Commences New Office Development

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce further development progress with the commencement of a new office facility.

With increasing levels of business activity expected to lift demand from office occupiers over the next few years, a new 5,340 sqm office building is to be developed on an uncommitted basis at Central Park Corporate Centre in Greenlane.

The premium office space is ideally suited to large corporate occupiers although its flexible configuration will accommodate a range of businesses seeking high quality space.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “Our business is continuing to attract strong levels of customer enquiry and we are extremely pleased to be commencing the next phase of development at this strategically located office park.”

Situated at the front entrance of the estate, the new low rise building will incorporate sustainable design elements and feature 1,400 sqm floorplates together with a lobby cafe.

Scheduled to complete in July 2013, the development has a forecast total project cost of $21.4 million (including land, construction costs and all professional fees). At current market rentals the development is expected to provide a yield on cost of 9.5% once fully leased and income producing.

John Dakin said, “With low levels of vacancy in prime stock throughout the southern corridor, the new office building is one of the few alternatives for businesses seeking high quality office accommodation. It extends the range of options available to our customers and reinforces the Trust’s leading position in the Greenlane office precinct.”

With limited competing supply the timing of the development also allows the Trust to take advantage of the competitive construction pricing that currently exists.

ENDS

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