3 Mar 2015

Goodman trust plans $28m development

2:42 pm on 3 March 2015

Goodman Property Trust's manager said it is planning three new development projects at its Highbrook Business Park at a total cost of $28 million.

It said it is building the two industrial facilities and an office building to accommodate strong demand from tenants.

The new buildings will add 11,140 square metres to the trust's portfolio and should generate $2.2 million of annual rent once they are fully let.

Only one of the new properties has been pre-let, to an existing tenant at Highbrook, the tool specialist, Machinery House.

The manager's chief executive John Dakin said the existing buildings at Highbrook were fully let.

He said the success of leasing the park and a shortage of office space had facilitated the other two developments.

Goodman announced more than $110 million worth of new projects since March last year.

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