Development momentum continuing

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce a new development commitment and further leasing success.

Hand and power tool distributor Stanley Black & Decker NZ Limited, has committed to a new 3,500sqm office and warehouse facility at Highbrook Business Park in East Tamaki. The new distribution centre consolidates the company’s two separate Auckland operations into a single, central location.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “Stanley Black & Decker is another significant global brand that has chosen to locate its New Zealand head office at Highbrook. This new lease continues the encouraging momentum in the development business with commitments from Panasonic and Nalco also being announced recently.”

Scheduled to complete in July 2012, the development has an estimated total project cost of $5.8 million (including land, construction cost and all fees) with a targeted yield on cost of 8.4%. The eight year lease has a mixed review structure that provides annual rental increases together with further rights of renewal.

The project is being undertaken by Highbrook Development Limited, the joint venture entity in which GMT has a 50% interest.

In a separate leasing transaction, apparel retailer, Cotton On Clothing (New Zealand) Limited has committed to a 10 year lease (from May 2012) over 8,400 sqm of office and warehouse space at the Trust’s Westney Industry Park in Mangere.

John Dakin said “It is pleasing to have leased the space being vacated by Super Cheap Auto as this business expands into newly developed and much larger premises at our Savill Link estate. Securing a contemporaneous lease from a new customer like Cotton On is an excellent result that demonstrates the effectiveness of our leasing strategies and the attraction of our high quality property portfolio.”