Goodman Property Trust makes two deals

NEW Zealand Stock Exchange listed Goodman Property Trust has negotiated two pre-commitments at its Glassworks Industry Park in Hornby, Christchurch.

The trust has received commitments from Fisher & Paykel Appliances and Big Chill Distribution totaling 4,510 sqm. The two transactions will be the first stage in the development of a modern 50,000 sqm industrial estate.

At 3,950 sqm the Fisher and Paykel facility is the larger of the two developments and is to be used as its South Island distribution headquarters. The nine year lease commences in April 2008 and the company has also taken expansion rights over approximately 3,000 sqm of adjoining land.

Big Chill Distribution has committed to a 560 sqm coldstore and distribution facility for a 15 year term.

The purpose built warehouse and distribution facilities have a combined project cost of $6.8 million (including land, construction cost and all fees) providing a blended yield on cost of 8.0%.

Purchased in November 2006, Glassworks Industry Park provides almost 10 hectares of development land in the heart of the Christchurch industrial market.

Australian Property Journal