Goodman Group's Highbrook Crossing at East Tāmaki. Photo / Jason Dorday
Goodman Property Trust declared a 7.5% rise in net property income for the latest half-year, said it now has a portfolio worth $4.7 billion and announced progress at the ex-Villa Maria vineyard site.
The trust, headed by James Spence, owns 1.2 million square metres of warehouse and logistics buildings, including Auckland’s Highbrook Business Park.
It pushed up net profit after tax 35.8% from $45.4m to $61.8m and made $119.7m net property income in the six months to September 30, 2025, up on the previous $111.4m.
The Goodman announcement said it attributed the property income rise to development completions being earlier than expected, as well as rental growth.
Greater revenue and a lower total tax expense contributed to the improved interim result.
Spence described the portfolio as strong and resilient in the downturn.
In the latest period, staff leased more than 65,000sq m of existing building space on new or revised terms, resulting in a 97.7% occupancy and a weighted average lease term of five years.
Its portfolio was not devalued, whereas in the previous corresponding period, the value fell $3.5m.
Tenants keep paying their rents too. The trust noted “minimal arrears, reinforcing portfolio resilience through prolonged economic challenges”.
Spence said the trust was now hunting new properties and deals.
“With a robust balance sheet, substantial liquidity and a significant development pipeline, we are actively pursuing new growth opportunities, confident in our investment strategy and ability to create value for unitholders.”
Development is underway on Montgomerie Rd in Māngere via infrastructure and enabling works.
That is the ex-Villa Maria vineyard established by Sir George Fistonich, who said in 2022 that he was gutted at its loss.
Because the part of the Villa Maria estate that Goodman bought only had vineyards on it, the trust called it a greenfield site today.
Plans are for 95,000sq m of development, today’s announcement said.
Goodman calls this project Waitomokia.
“Waitomokia is designed as a state-of-the-art distribution hub, close to the Airport, SH1 and SH20, featuring approximately 15 world-class facilities with sustainable features.”
Goodman is advertising space for lease, showing the layout and design of its huge new warehouse hub there.
Spence said there was a limited supply of prime industrial locations in Auckland, so Goodman was well-positioned with new development projects under way.
It had a significant pipeline of new projects ahead as well.
To meet future demand and take advantage of favourable construction pricing, Goodman is now starting the first stage of the regeneration plan for a Mt Wellington project.
That will be 21,850sq m new warehouse space on a build-to-lease basis, anticipated to deliver a yield on cost of around 6.7%, once fully leased and income producing.
Data centres are another focus.
“We are also positioning our business to capture opportunities from the rapid technological shift being driven by the growth in artificial intelligence, cloud computing, and other digital services,” Spence said.
To support potential data centre development at the trust’s Penrose industrial estate, $20m has been committed to preliminary design and infrastructure works.
Goodman is in the top 15 of listed investment businesses in New Zealand.
It has more than 200 tenants and holds a BBB credit rating from S&P Global Ratings.
Anne Gibson has been the Herald‘s property editor for 25 years, written books and covered property extensively here and overseas.