INDEPENDENT NEWS

GMT Expanding Savill LinK

Published: Fri 19 Feb 2016 02:16 PM
GMT Expanding Savill LinK
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), is pleased to announce a new development commitment at Savill Link.
Coda Group LP, a leading New Zealand freight management business, has committed to a 4,950 sqm warehouse extension at GMT’s industrial estate in Otahuhu. The new facility will also feature a 6,500 sqm freight canopy and rail siding, providing direct access to KiwiRail services along the main trunk line.
The warehouse extension is scheduled to complete in December 2016 while the rail access expected to be available from May 2016.
The project has an estimated total cost of $20.7 million (including land, construction costs and all professional fees).
As part of the new commitment Coda will extend its lease over the existing 8,051 sqm warehouse and office facility. The restructured lease is for a 10 year term, commencing in December 2016.
Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “Coda is an important customer in the GMT portfolio and it is extremely pleasing to be utilising Savill Link’s rail access with this new development commitment. With further expansion rights available to Coda, the integrated rail and road distribution facility can be expanded by a further 8,000 sqm over time.”
With this latest commitment GMT has now announced six new development projects this financial year, providing over 46,000 sqm of rentable area. With a total project cost of around $93.3 million these projects provide a blended yield on cost of 7.5%.
ENDS

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