Frucor commits to new development at M20 Business Park

Frucor commits to new development at M20 Business Park

24 April 2012

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”), is pleased to announce a new development commitment at M20 Business Park in Wiri.

Frucor Beverages Limited, a leading supplier of non-alcoholic drinks, has committed to a new 17,150 sqm purpose built distribution facility at the strategically located estate. Scheduled to complete in March 2013, the development has an estimated total project cost of $22.3 million (including land, construction costs and all professional fees), providing a yield on cost of 8.6%.

Frucor is relocating its distribution operations from an older facility at M20 Business Park, gaining greater efficiency from a tailored property solution. The customer will also retain 2,438 sqm of existing office space for a further 10 years. The current warehouse is likely to be reconfigured and refurbished once vacated.

Goodman (NZ) Limited's Chief Executive Officer, John Dakin said “Our development programme continues to enhance the portfolio and we are extremely pleased to have extended our relationship with Frucor for an additional 10 years. The new purpose-built facility will deliver increased flexibility and productivity for this customer while providing strong returns to our investors.”

The new commitment follows the completion of the Kmart Distribution Centre and the Bridgestone Warehouse during 2011 and lifts the amount of development activity undertaken at M20 Business Park to more than 50,000 sqm.

ENDS

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