GMT commits to $221.4 m of new development projects

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz

nzx release+
GMT commits to $221.4 m of new development projects
Date 22 September 2022
Release Immediate
Goodman Property Trust (GMT or Trust) has secured significant new development
commitments from existing customers Mainfreight and Cotton On, at the Trust’s
Savill Link and Roma Road Estates. The Trust has also commenced two smaller
build-to-lease projects at Roma Road.
John Dakin, Chief Executive Officer of Goodman (NZ) Limited said, “Sustained customer
demand is being reflected in high occupancy levels, accelerating rental growth and a
heightened level of development activity for the Trust.
The package of four new projects has a combined net lettable area of almost 50,000 sqm
and a total project cost of $221.4 million.”
It adds to the existing development workbook, with a total of $635.7 million of projects
now underway, driven by a constrained leasing market and growing digital economy.
John Dakin said, “With around 93% pre-committed, and an average lease term of over
13.5 years, the current workbook will add almost 150,000 sqm of space to the portfolio
over the next few years. These new warehouse and logistics facilities are expected to
generate $31.4 million in annual rental income once complete.”
The largest of the four new developments announced today is a 23,300 sqm twin
warehouse facility for Mainfreight at Savill Link in Otahuhu. It complements a supersite
facility also underway for the global logistics provider at the Trust’s Favona Road Estate
in Mangere.
Business growth has also led to additional space requirements for fashion retailer, Cotton
On. The customer is more than doubling its footprint within the portfolio with a new
17,300 sqm design-build solution at Roma Road. To help meet current and future
demand two build-to-lease warehouses (totaling 8,738 sqm) are also being developed at
the brownfield estate in Mt Roskill.
John Dakin said, “Developed alongside a parcel processing facility for NZ Post, the latest
projects at Roma Road will complete the masterplan for the estate. The regeneration of
the site will complete our vision for a highly sustainable, distribution-hub that maximises
the value of the inner-city location and its proximity to large consumer catchments.”
An increasingly active approach to mitigating climate change impacts and improving
wellbeing is driving customers to seek out more energy efficient and sustainable property
solutions. Infill locations, close to consumers and transport infrastructure, are also being
preferred for the competitive advantage they offer with faster delivery and the potential
for lower transport emissions.
John Dakin said, “To accommodate this demand, and to minimise our own environmental
impacts, we are targeting a 5 Green Star Built rating for all new developments. We are
reducing the embodied carbon within these projects and offsetting any unavoidable
emissions. The approach complements our business operations which are Toitū
carbonzero certified.”

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz

For further information please contact:
John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 321 541 (021) 305 316


About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.0 billion, ranking it
in the top 20 of all listed investment vehicles. The Trust is New Zealand’s leading warehouse and logistics space provider.
It has a substantial property portfolio, with a value of $4.8 billion at 31 March 2022. The Trust also holds an investment
grade credit rating of BBB from S&P Global Ratings.

The Manager of the Trust is Goodman (NZ) Limited, a subsidiary of the ASX listed Goodman Group. Goodman Group is a
A$73.0 billion specialist global manager of warehouse and logistics real estate.