Greenlane build one of 10 Goodman projects

An artist's impression of the new Goodman building planned for Central Park in Greenlane, Auckland.

Goodman Property Trust has 10 office and industrial projects under way and almost $100 million of work in progress, says John Dakin, the chief executive of Goodman NZ.

"Rising business confidence and a strengthening economy are contributing to a greater level of development activity across all the trust's estates," Dakin says.

"To accommodate this demand we have accelerated our development programme, which includes the construction of a new 5670sq m office building at Central Park in the Auckland Greenlane commercial precinct."

The new building will add to the 38,000sq m of rentable area in Central Park, which is largest of the trust's suburban office parks.

"Strengthening occupier demand and limited new supply has contributed to strong leasing results at the $158 million estate," Dakin says.

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"The successful leasing of the trust's recently completed Genesis Energy Building means we have very few options for customers seeking high-quality business space at Central Park. "We also have a capital upgrade programme under way that is enhancing the estate and adding further amenity to cater for an expected daily workforce of over 2000 people."

The new building will replace an older style 1700sq m facility at the southern entrance to the park.

Bordering directly on to Great South Rd, the premium-quality, five-level office building will incorporate sustainable design elements and feature large, open-plan workspaces that make it suitable for a range of business occupiers.

Now under construction and scheduled to be completed late next year, the Greenlane project has a forecast total cost of $22.4 million, which includes land, the construction costs and all the professional fees.

Dakin says the development is expected to provide a yield on cost of about 9 per cent once fully leased and producing income.

"The Greenlane corridor is a proven business location and its popularity has supported the development of more than 40,000sq m of space at the trust's Central Park and Millennium Centre office parks.

"It has been a successful growth strategy that has enhanced the portfolio and extended the range of options we can offer our customers."