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Goodman Property Trust, the country's biggest listed property investor by market value, is planning to spend $22.4 million on a new building at its Central Park development in Auckland's Greenlane.
The property trust's manager, Goodman (NZ), said it will erect a new five-level office space with 5,670 square metres to cater for more than 2,000 people, replacing an older building. The development is expected to be finished in late 2014, and will provide a return of 9 percent of costs once it's fully leased.
"The Greenlane corridor is a proven business location and its popularity has supported the development of more than 40,000 sqm of space at the trust's Central Park and Millennium Centre office parks," chief executive John Dakin said. "It has been a successful growth strategy that has enhanced the portfolio and extended the range of options we can offer our customers."
Units in the property trust were unchanged at $1.04 today, and have edged up 3 percent this year.
(BusinessDesk)
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Goodman Property plans new $22.4M building at Central Park development
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