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$92 million development stage given green light


Commercial centre stands to provide another 10,000 jobs.

NBR staff
Wed, 06 Apr 2011

Goodman Property Trust’s Highbrook Development has been given the green light.

It is to proceed immediately with stage one of a $92 million investment programme at Highbook Business Park – a commercial centre in Auckland with the potential to provide 10,000 jobs.

Stage one involves establishing the infrastructure for a town centre precinct to be called The Crossing.

Nearly a hectare of retail, office and accommodation space, including a 62-room serviced apartment complex will be developed over the next 18 months.

The initial construction phase is projected to cost $43.5 million.

Goodman has signed an initial agreement for the apartment complex with Quest. 

It has also signed commitments with Westpact and New Zealand Post. 

Future stages of The Crossing will involve developing a further 14,000sq m of office space and retail space with a projected cost of $48 million and a timeline of five to seven years.

It’s envisaged the town centre will have six distinct buildings, including a nine-level landmark tower and two low-rise commercial buildings.

Goodman Property Trust’s investment contribution to stage one is $22 million, for which funding is already to hand.

Goodman chief executive John Dakin said the time was right to go ahead with the project.

“The Auckland super city has become a reality, and by late 2012 when occupation of the buildings in the new town centre is starting the economy will be responding positively to the massive investment in infrastructure currently taking place nationally.

“These commitments will anchor stage one, and we are in discussions with others to provide services such as restaurants, food bars, medical rooms, fitness facilities and general retail.”

Highbrook Business Park is expected to be worth more than $1 billion once completed.

Goodman Property Trust is the major shareholder in Highbrook Development, with the remainder owned by Goodman Group (25%) and Fisher family interests (25%).

NBR staff
Wed, 06 Apr 2011
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$92 million development stage given green light
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