Spence described the portfolio as strong and resilient in the downturn.<\/p>\n
James Spence, Goodman Property Trust chief executive. Photo \/ James Oxenham<\/p>\n
In the latest period, staff leased more than 65,000sq m of existing building space on new or revised terms, resulting in a 97.7% occupancy and a weighted average lease term of five years.<\/p>\n
Its portfolio was not devalued, whereas in the previous corresponding period, the value fell $3.5m.<\/p>\n
Tenants keep paying their rents too. The trust noted \u201cminimal arrears, reinforcing portfolio resilience through prolonged economic challenges\u201d.<\/p>\n
Spence said the trust was now hunting new properties and deals.<\/p>\n
\u201cWith a robust balance sheet, substantial liquidity and a significant development pipeline, we are actively pursuing new growth opportunities, confident in our investment strategy and ability to create value for unitholders.\u201d<\/p>\n
The former Villa Maria Vineyard, Montgomery Rd, M\u0101ngere. This shows plans by Goodman Property Trust to create 95,000sq m of warehouse space. Photo \/ Goodman Property Trust<\/p>\n
Development is under way on Montgomery Rd in M\u0101ngere via infrastructure and enabling works. <\/p>\n
That is the ex-Villa Maria vineyard<\/a> established by Sir George Fistonich, who said<\/a> in 2022 that he was gutted at its loss. <\/p>\n Because the part of the Villa Maria estate that Goodman bought only had vineyards on it, the trust called it a greenfield site today.<\/p>\n Plans are for 95,000sq m of development, today\u2019s announcement said.<\/p>\n Goodman calls this project Waitomokia.<\/p>\n \u201cWaitomokia is designed as a state-of-the-art distribution hub, close to the Airport, SH1 and SH20, featuring approximately 15 world-class facilities with sustainable features.\u201d<\/p>\n Goodman is advertising space for lease, showing the layout and design of its huge new warehouse hub there.<\/p>\n Spence said there was a limited supply of prime industrial locations in Auckland, so Goodman was well-positioned with new development projects under way.<\/p>\n It had a significant pipeline of new projects ahead as well.<\/p>\n To meet future demand and take advantage of favourable construction pricing, Goodman is now starting the first stage of the regeneration plan for a Mt Wellington project.<\/p>\n That will be 21,850sq m new warehouse space on a build-to-lease basis, anticipated to deliver a yield on cost of around 6.7%, once fully leased and income producing.<\/p>\n Data centres are another focus.<\/p>\n \u201cWe are also positioning our business to capture opportunities from the rapid technological shift being driven by the growth in artificial intelligence, cloud computing, and other digital services,\u201d Spence said.<\/p>\n To support potential data centre development at the trust\u2019s Penrose industrial estate, $20m has been committed to preliminary design and infrastructure works.<\/p>\n Goodman is in the top 15 of listed investment businesses in New Zealand. <\/p>\n It has more than 200 tenants and holds a BBB credit rating from S&P Global Ratings.<\/p>\nGoodman owns the Villa Maria land inside the blue lines. Photo \/ Supplied<\/p>\n
Goodman’s Highbrook in Auckland. Photo \/ Jason Dorday<\/p>\n