Goodman Fielder site sells

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Wellington (7 October 2008)

Goodman Fielder’s premises in Grenada North have sold for $6,100,000 by sales agents CB Richard Ellis. Ryan Johnson and Benet Carroll of CB Richard Ellis sold the property by way of Private Treaty to a private investor from Wellington.

The fundamentals of 21 Cashew Street ticked all of the boxes of a desired property investment including:

• Growing location

• Access to arterial routes

• Strong tenant

• Long lease term

• Add value potential

• Well apportioned space

• Fixed rental increases

The marketing campaign received strong interest and several offers to purchase were submitted. Expressions of Interest were received from investors throughout New Zealand including Christchurch, Auckland, New Plymouth and Dunedin. The majority of enquiry came from private trusts and syndicators whereas the listed property trusts have all but taken themselves out of the investment market.

The success of the campaign and level of interest received is a clear indication that there is still demand from calculated and prudent investors for quality stock. The sale price gained for this property provides a good bench mark for what is achievable in the changed market. Yields have come back to shadow the availability of credit but despite the adjustment demand remains strong. The sale represents a 9.67% yield on the passing income.

The Cashew Street campaign is an encouraging indictment of the industrial property market in which sales and leasing of industrial property have remained frequent.’

The price indicates an underlying land value of $160.00 per square metre over the 1.9 hectare site.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 “best in class” companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com.

ENDS

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