After years of planning wrangles and local opposition, the Goodman family have finally had a major breakthrough in their quest to develop a large subdivision on the outskirts of Queenstown, with the first stage of the Kingston Village development being released in 2025.  

Up to 750 homes can be accommodated on the 88-hectare site, which was carved off the Goodman’s Glen Nevis Station situated near the home of the famous Kingston Flyer vintage steam train, which was established in 1878 and still operates every Sunday between September and June.  

One of the keys to finally unlocking the development was a commitment by the Goodmans to contribute to a $62 million Three Waters upgrade of wastewater and stormwater infrastructure by the Queenstown Lakes District Council, which was kick started by a $36m interest-free government loan.  

With a starting price of $299,000 for a 360-sqm Kingston Village section, KVL development manager Nicola Tristram says: “Our vision is to create a community where everyone can enjoy a lakeside lifestyle without compromising on space or affordability.”  

Plans for the Kingston Village development.

As one of Australia’s highest paid chief executives, with a reported take home pay of A$26.8m ($29.3m) in 2024, Greg Goodman has once again become a target for angsty investors who say Goodman Group execs are being given way too many share options despite the company’s stunning financial returns.  

In the latest financial year, Goodman’s operating profit rose 15% to a record high of A$2 billion, which has helped boost the company’s market cap by about 20% to A$67b – valuing the CEO’s 38 million shares at more than A$1.3b.  

With a portfolio worth A$84b and an occupancy rate of 97.97%, Goodman has flagged a 9% hike in earnings per share for 2025, but that still wasn’t enough to satisfy some investors.  

At the 2024 company AGM, 34% of shareholders voted against a A$500m incentive scheme for executives, which included 10-year performance rights worth A$22m for the CEO, and that triggered a ‘first strike’ clause that forces the board to address concerns in 2025.  

It’s the fifth such strike over the past decade, and seemingly water off a duck’s back for 62-year-old Goodman. “I’ve been around a long time, so we’ll just carry on and do what we do,” he told the Australian Financial Review, which named him one of its 2024 Business People of the Year. 

Indeed, the current focus is on a pivot from warehouses to data centres, which now account for more than 40% of Goodman’s $13b ‘in development’ projects. Supported by a 5GW ‘power bank’ in 13 international cities, the centres could have an end value of more than A$50b.  

“Our competitive advantage is that we have the sites, power, capability, people, track record, and commitment to build the infrastructure to accelerate time to market. We believe this will generate significant long-term value,” says Goodman.  

Data centres are becoming a key focus for the Goodman Group.

With a Goodman Group as a cornerstone shareholder, and a so-called ‘urban logistics portfolio’ worth $4.5b, the NZX-listed Goodman Property Trust is now charting its own course under CEO James Spence after the parent company sold the management rights and injected fresh capital.  

In the wake of its monster 2024 after-tax loss of $569.4m, which reflected large property devaluations, the Kiwi business has completed three warehouse and logistics projects worth $635m and is now planning for the $500m Waitomokia Precinct at the old Villa Maria winery site in Mangere.  

Like its parent, it’s also looking at new data centres to meet demand for e-commerce, cloud computing, and AI. “To support future data centre development, we are also designing and programming infrastructure works at certain value-add estates within the portfolio,” says Spence. 

Daily bread    

The foundations of the Goodman family wealth trace back to the ‘Bakers in Motueka’ business that served the local community for many decades until Sir Pat Goodman and his brother Peter transformed it into a trans-Tasman giant.    

Having initially established the Quality Bakers cooperative in the mid-1960s, the expanding business eventually merged with Fielder Gillespie Davis and Allied Mills of Australia, and then Wattie Industries, to become Goodman Fielder Wattie in 1987.    

The late Sir Patrick Goodman.

Knighted in 1995 and later awarded a New Zealand Order of Merit in 2002, Sir Pat Goodman was inducted into the New Zealand Hall of Fame in 2005 for baking and entrepreneurship. However, it was his son Greg who took the family business to the next level as a property developer.    

Described by Australian business media as a visionary, Greg Goodman headed across the Tasman in 1985 and set about acquiring eight industrial properties valued at A$75m, which were listed on the ASX in 1995 as the Goodman Hardie Industrial Property Trust. The rest, as they say, is history.   

The long game    

Having a long-term mindset and the determination to succeed have been key factors in the Goodman investment philosophy: “Purpose is everything. It provides a reason for being. If you have longevity, sustainability, and a reason for being, profit will follow,” Goodman says.    

“We are committed to creating a better world and a better planet. We are building a sustainable business for our customers and delivering returns for our investors.”    

Much of the family’s wealth is held in the Goodman Family Office, jointly managed by Greg’s two brothers Patrick Jnr, who lives in Motueka, and Sydney-based Craig. Among their many property investments is the 2453ha Glen Nevis Station near Queenstown, valued at $11.35m.  

The Goodman Foundation    

Goodman’s financial strength has also enabled it to substantially increase its commitment to the Goodman Foundation, which is well on its way to fulfilling its commitment of contributing A$50m to social causes by 2030.    

Goodman Foundation supports Children’s Ground an Australian First Nations charity.

In addition to supporting the KiwiHarvest food rescue organisation, Goodman also supports the NZ Food Network, which was founded during the Covid pandemic to deliver surplus food around the country. It also sponsors three South Auckland primary schools, where 1200 students each receive five new books a year as part of the Duffy Books in Homes project.   

In Australia, the foundation supports a swag of initiatives including OzHarvest, Raise Foundation, Stepping Stone House, Cerebral Palsy Alliance, and the Black Dog Institute, which is a world leader in the diagnosis, treatment, and prevention of mood disorders including depression and bipolar disorder.   

“We like to work with smaller grassroots charities where we can have a real and tangible impact,” Greg Goodman says, “with a focus on critical areas in times of disaster – mental health, distribution of food and essential goods, vulnerable people, and domestic violence.”    

2024: $3.8 billion