GMT Secures Development Commitment from Bridgestone

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce further development progress at M20 Business Park in South Auckland.

Bridgestone New Zealand Limited has committed to a purpose built 4,900 sqm distribution centre at the Wiri estate. The office and warehouse facility follows the Kmart development announced in March 2010 and increases the level of commitment at the business park to over 70% (by land area).

M20 Business Park is strategically located, benefitting from the recently opened extension to State Highway 20 and its close proximity to the Southern Motorway interchange, Auckland International Airport and Wiri Inland Port.

The eight year lease has a regular rent review structure with fixed annual increases complemented by a market review in year five. The customer also has expansion rights over adjoining land.

Scheduled to complete in July 2011, the development has an estimated total project cost of $6.8 million (including land, construction cost and all fees), providing an initial yield on cost of 8.5%.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “The opening of the new motorway extension has further enhanced the profile and excellent transport links to this estate. With over 35,000 sqm of new design build commitments at M20 Business Park since 2006, customers are recognising the many advantages of the location and the flexibility provided by our development offering.”