Goodman (NZ) Limited has announced the development of a new cool store at Highbrook Business Park.
A Goodman customer has committed to a 15 year lease over the new 7458 square metre facility, which has a total project cost of $26.8 million.
Located on a 3.9 ha site at the southern corner of the estate, the new development features office space, refrigerated warehousing and extensive yard areas. It also includes expansion rights to accommodate future growth.
“Sustained customer demand is supporting a high level of development activity, with eight new projects totalling more than $108.6 million for Highbrook over the last 18 months,” says Goodman NZ Limited chief executive officer John Dakin.
“Businesses recognise the location benefits of this estate and we are now more than two thirds of the way through its planned development.”
“The majority of the new projects at Highbrook have been design-build commitments from existing customers requiring additional space,” says Dakin
“These projects will add more than 50,000 square metres of rentable area to the portfolio, and are expected to generate $8.6 million of annual rental once fully income producing, providing a yield on cost of around 7.9%.”
