5 New Developments at $1bn Highbrook Estate

Level 28, 151 Queen Street, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | Fax +64 9 375 6061 | www.goodman.com/nz

nzx release+
5 New Developments at $1bn Highbrook Estate
Date
21 March 2017
Release
Immediate

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), is pleased to announce a package of new developments at Highbrook
Business Park totalling $44.0 million
1
.

The five projects, which include a further stage to The Crossing and two new industrial
facilities, are expected to generate around $3.7 million of annual rental income once
completed.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “Completing the
development programme at Highbrook is a key priority and these new projects are
timed to take advantage of the positive customer demand and strong market conditions
that currently exist.”

With a current value in excess of $1.0 billion, Highbrook Business Park is GMT’s largest
investment asset. Around 70% of the way through its planned development the 110
hectare estate already features more than 40 buildings, providing over 380,000 sqm of
warehouse and office space.


The Crossing is the commercial heart of Highbrook, providing accommodation,
business support services, food and hospitality options, together with other amenity and
recreational opportunities for estate customers and others within the East Tamaki
catchment area.

John Dakin said “High occupancy levels at the Quest and a shortage of visitor
accommodation in Auckland are the catalysts for a substantial new expansion project
that will double the number of serviced apartments at The Crossing. Following the
success of the recently completed Building 5 we are also commencing another new
office facility and developing an adjoining multi-storey carpark.”

The new projects will add an additional 60 apartments, 3,009 sqm of high quality office
space and 324 car parks to The Crossing, intensifying its use and providing capacity for
future development stages.

Complementing the projects at The Crossing are two new industrial developments, they
include:

+ a multi-unit showroom and warehouse facility of 1,730 sqm on Highbrook Drive,
and
+ a 2,929 sqm warehouse located on Pukekiwiriki Place.

1
Additional Development Spend, including all construction costs, management and other professional fees. Final costs
to be determined by formal tender process.

John Dakin said “With GMT’s industrial portfolio recording an occupancy rate of 100%
these new developments continue the highly successful build-to-lease programme that
is delivering much needed capacity into a very constrained Auckland industrial market.
With most projects leasing well before completion it’s been an effective strategy that is
growing cash earnings and improving an already high quality property portfolio.”

A schedule of the new development projects announced today is included as an
appendix to this announcement.
For further information please contact:
John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316

James Spence
Director Investment Management
Goodman (NZ) Limited
(09) 903 3269
(021) 538 934

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.6 billion, ranking it
in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman
Group, Goodman Group are also the Trust’s largest investor with a cornerstone unitholding of 21%.

GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio with a value
in excess of $2.3 billion that accommodates more than 250 customers. The Trust holds an investment grade credit rating
of BBB from Standard & Poor’s.

Level 28, 151 Queen Street, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | Fax +64 9 375 6061 | www.goodman.com/nz

Appendix 1

GMT Development Projects

Development Project Estate Location
Net
Lettable
Area sqm
Additional
Development
Spend $m
Project
Announced
Expected
Completion




Quest Serviced Apartment Expansion Highbrook Business Park East Tamaki, Auckland
60
(1)

11.7 March 2017 July 2018
The Crossing Office Building 6 Highbrook Business Park East Tamaki, Auckland
3,006
4.9 March 2017 June 2018
Multi Storey Carpark Building Highbrook Business Park East Tamaki, Auckland
324
(2)

5.7 March 2017 December 2017
Pukekiwiriki Place Warehouse Highbrook Business Park East Tamaki, Auckland
2,929
13.9 March 2017 November 2017
Showroom Warehouse Units Highbrook Business Park East Tamaki, Auckland
1,730
7.9 March 2017 December 2017




Total

7,665
44.0


(1)
Number of new apartments
(2)
Number of carparks

Appendix 2

Highbrook Site Plan showing location of new developments

Appendix 3

The Crossing prior to the commencement of the Quest expansion and new office development

Appendix 4

Artist’s impression of the planned Showroom and Warehouse Units on Highbrook Drive

Appendix 5

Artist’s impression of the new warehouse development on Pukekiwiriki Place