Goodman Property docks at Alloy Yachts Henderson site in $19m deal

The area includes the former boat building site of Alloy Yachts.

Goodman Property Trust [NZX: GMT], the NZX-listed commercial and industrial property investor, is to buy two adjoining industrial sites in the Henderson suburb of Auckland for $18.9 million.

The area includes the former boat building site of Alloy Yachts and the plots will be combined to form a single four-hectare estate. The current premises include 22,120 square metres of warehouse space and 1,250 square metres of office space.

Chief executive John Dakin said the purchase "provides the company with a strategic opportunity in the rapidly developing West Auckland industrial market. It will become one of Auckland's best located industrial estates when the Western Ring Route completes in 2017."

The current warehouse buildings will be refurbished and will yield around 7 percent when fully leased, Goodman said in a statement. The purchase remains conditional on Overseas Investment Office approval.

Goodman also announced Auckland Transport agreed to a nine-year lease to let the VXV20 Building in the Wynyard Quarter, a site that's currently occupied by Vodafone. Around 1600 staff will move into the property from November next year.

Shares in Goodman Property Trust fell 0.7 percent to $1.34, and have fallen 9 percent since the start of the year.

(BusinessDesk)

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