The manager of Goodman Property Trust (GMT), Goodman NZ Limited says three new customer commitments totalling $23.1 million is further progress for the Trusts development programme.
Existing customer partnerships have facilitated two new expansion projects for Mainstream Logistics and Scalzo Trading Company.
To accommodate business growth the two companies are expanding their current warehouse facilities at the Trust’s Savill Link and Highbrook estates in Auckland.
Scheduled to complete in August and December 2016 respectively, the two projects have a total cost of $13.4 million.
Another new project is a 4,650 square metre warehouse and office facility for EDL Fasteners, a subsidiary of the global Wurth Group, at Highbrook Business Park.
The manufacturer and distributor of industrial, construction and conventional fasteners have committed to an eight-year lease on the new premises which are scheduled to complete in December 2016.
The new facilities, which will add 13,120 square metres of industrial space to the Trust’s investment portfolio, are expected to generate around $1.6 million of annual rental income once completed.
“With more than $115 million of new projects announced over the last 12 months, it’s a successful strategy that is delivering strong gains for our investors,” says Goodman NZ chief executive John Dakin.
