Goodman (NZ) Limited, the manager of Goodman Property Trust, has announced that the trust is undertaking three new design build projects that will add 28,430 sq m of industrial space to the trust's investment portfolio and bring to 15 the number of new developments by the trust since early 2013.
The three industrial developments, which have a combined total cost of $44.4 million including land, construction costs and all professional fees, will be funded through the trust's existing debt facilities and a continuation of its asset disposal programme.
John Dakin, chief executive officer of Goodman (NZ) Limited, said two of the new buildings were being constructed for Steel & Tube and the third would be built for Ford.
"Steel & Tube and Ford are the latest customers to extend their property requirements with us and we are very pleased to be facilitating their business growth which reflects the continuing strong momentum of our development programme," Dakin said.
"There has been a sustained lift in the level of development activity being undertaken by the trust over the last 18 months and we are accelerating our development programme in both Auckland and Christchurch to meet the increased demand. The 15 new projects have a combined total cost in excess of $165 million and are expected to provide a blended yield of 8.2 per cent once fully leased and income producing. It is value enhancing activity that is forecast to deliver valuation gains of between 10 per cent and 15 per cent when completed," Dakin said.
