Goodman (NZ), which owns Highbrook Business Park, has announced a package of new developments at Highbrook Business Park totalling $44 million.
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.
The real estate investment trust company’s chief executive officer John Dakin said completing the development programme at Highbrook is a key priority.
“These new projects are timed to take advantage of the positive customer demand and strong market conditions that currently exist,” he said.
With a current value of more than $1 billion, Highbrook Business Park is the NZX-listed group’s (Goodman Property Trust or GMT) largest investment asset. Around 70 per cent of the way through its planned development, the 110 hectare estate already features more than 40 buildings, providing more than 380,000sqm 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.
“High occupancy levels at the Quest (serviced apartments) 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,” Mr Dakin said,
“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, 3009sqm 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 1730sqm on Highbrook Drive, and
- a 2929sqm warehouse located on Pukekiwiriki Place.
“With GMT’s industrial portfolio recording an occupancy rate of 100 per cent, these new developments continue the highly successful build-to-lease programme that is delivering much needed capacity into a very constrained Auckland industrial market,” he said.
“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.”
