By ANNE GIBSON
The $68.4 million Australian takeover of New Zealand's biggest business park development will allow work to begin there this year.
Last week, Macquarie Goodman International, Australia's largest listed real estate trust, and related company Macquarie Goodman Management said they would pay $34.2 million each to get a majority stake
in the company developing the East Tamaki park, Highbrook Development.
Highbrook chairman and managing director Noel Robinson said the takeover would mean the first stage of development could begin this year.
This involves the land being connected to the Southern Motorway via a 1km road, a job involving Transit New Zealand and the Manukau City Council.
"Highbrook is a long-term, billion-dollar project and we needed additional capital and the support of a high-calibre company to make it happen," Robinson said.
"Macquarie Goodman was selected from a number of potential partners as they share our objective of creating a premium business township of international standing. They will work with our project team to ensure this happens."
But a listed New Zealand property trust associated with the two buyersas rejected getting involved in the deal in the meantime.
John Dakin, chief executive of Macquarie Goodman NZ (formerly Colonial First State Property Trust), said buying into Highbrook at this stage "would increase our development weighting to an undesirable level at this time".
"However, we foresee involvement in the medium term to support and enhance our portfolio as it grows."
Robinson said the tender produced some higher offers, but the Macquarie offer was better because it could bring in good tenants from Australia.
"They're totally focused on business parks, which is a narrow core business, and that's what we're doing too," Robinson said.
"Tenants who might go to Singapore or Australia might instead come to New Zealand."
A website, www.highbrookbusinesspark.co.nz, would be launched next month, Robinson said.
Highbrook
One of New Zealand's largest property ventures.
Project will create up to 550,000sq m of buildings on former farm land.
A mixture of commercial and light industrial uses is forecast.
Between 9000 and 12,000 people will eventually work there.
$15 million has already been spent on detailed planning.
