Goodman Property Trust (GMT), New Zealand’s leading warehouse and logistics space provider and owner of Highbrook Business Park, has acquired a 3.2-hectare infill site in Albany and secured a development agreement with NZ Post.
CEO John Dakin said the growing digital economy driven by changing consumer behaviour continues to see acceleration of e-commerce and a rapid increase in parcel volumes across Auckland.
“As a result, we are extending our relationship with NZ Post as it continues to develop its future delivery network for Auckland,” Dakin said.
The new 17,992 sqm parcel processing centre, to be developed on Bush Road in Albany, follows another design-build project underway for the customer at GMT’s Roma Road estate in Mt Roskill.
“NZ Post has committed to a 20-year lease over the new facility. Like the Roma Road project, it will be a highly sustainable, carbon neutral, Green Star rated development,” Dakin said.
The property is close to large consumer catchments in the north and west of the city, with easy access to the new motorway interchange that will link SH1 with SH18.
“It’s an ideal location for fulfilment and delivery service providers like NZ Post,” he said.
The new project adds to the record level of development activity for GMT, with more than $440 million of work in progress. The expected completion date is June 2024 with construction to commence in 2023 following the expiry of existing leases.
In a separate transaction GMT has acquired the Oji Fibre Solutions facility at 35 Hugo Johnston Drive in Penrose for $60.5m. The pulp and paper supplier has a long-term lease over the 17,843 sqm facility. Adjoining the Gate Industry Park (an existing GMT property), the expanded estate will have a combined site area of 21.2ha.
The Bush Road and Hugo Johnston Drive purchases are both expected to settle next month.
“Both these acquisitions are consistent with our strategy of investing in well-located, urban logistics space,” Dakin said.
“With committed gearing of just 25.8 per cent and new debt facilities providing additional liquidity, GMT remains well-placed to take advantage of new investment and development opportunities.”