Goodman Property plans $20.7 mln developments in Christchurch

Goodman Property Trust, the country's biggest listed property investor by market value, is planning two developments at Christchurch's Glassworks Industry Park for a combined cost of some $20.7 million.

The developments are a pre-committed warehouse and distribution facility for logistics operator DHL and a multi-unit development with tyre maker Bridgestone NZ as an anchor tenant, the property trust's manager, Goodman (NZ), said in a statement. The project will add 12,147 spare metres to its investment portfolio.

"We are extremely pleased to be extending our relationship with both DHL and Bridgestone, high quality customers who already occupy tailor-built premises in our Auckland portfolio," chief executive John Dakin said. "These projects continue the momentum in our development programme, with around $90 million of new projects announced in the first six months of the 2014 financial year."

Last month, the property investor said it plans to spend $22.4 million on a new building at its Central Park development in Auckland's Greenlane.

Units in the property trust rose 0.5 percent to $1.02 today.

BusinessDesk.co.nz

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