Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


GMT JV Extends Portfolio With Quality Acquisition

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“Trust” or “GMT”), is pleased to announce that its joint venture with Singapore’s GIC has agreed to acquire Bayleys House for $62.3 million.

The recently completed 8,106 sqm office building adjoins the Fonterra Centre on the corner of Gaunt and Halsey Streets in the VXV Precinct of central Auckland.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited said, “This is a high quality acquisition that extends and diversifies the joint venture’s portfolio of Viaduct properties. The partnership strategy provides scale for GMT and gives the Trust greater exposure to Auckland’s fastest growing commercial precinct.”

Featuring large flexible floor plates, and incorporating sustainable architectural elements and energy efficient building systems, the low-rise office property is designed to a 5 Green Star rating. It is also expected to achieve a 5 star NABERSNZ base building rating when assessed in 12 months’ time.

Predominantly leased to real estate specialists Bayleys, technology provider IBM and law firm Mayne Wetherell, the new leases incorporate fixed review structures and have a weighted average term of nine years.

The ground lease obligations are structured for a period of 15 years.

Acquired from Goodman Group, which undertook the development on a build-to-lease basis, the purchase price reflects an initial yield of 7.6% on contract rentals. Additional fit-out rent increases the passing yield to 8.8%.

The acquisition, which remains conditional on the approval of the freehold land owner, is expected to settle in June 2017.

Following this acquisition and the purchase of the Datacom Building, which settles today, the joint venture will own seven buildings within the VXV Precinct. With a value of more than $470 million, the portfolio will provide over 88,000 sqm of office accommodation to around 20 customers. The portfolio has an occupancy rate of 96% and a weighted average lease term of more than nine years when future lease commitments are incorporated.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Dairy NZ: ‘More Milk From Fewer Cows’ Trend Continues In A Record Year
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Statistics: Consents Remain At Record Levels
There were 47,715 new homes consented in the year ended October 2021, up 26 percent compared with the year ended October 2020, Stats NZ said today. "The year ended October 2021 marks another record for the annual number of new homes consented,” construction statistics manager Michael Heslop said... More>>

Foodstuffs: New World & Four Square Trial NZ’s First Grocery Delivery Offer With Uber Eats

New World & Four Square have partnered with Uber Eats to unlock the first grocery offering available on the platform in Aotearoa. For New World and Four Square it’s yet another way to put New Zealanders first, particularly with those inevitable last-minute grocery needs... More>>

Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>