The Goodman Property Trust has conditionally bought an industrial property in Mangere for $29 million.
The 3 adjoining sites at 42, 60 & 70 Favona Rd cover 7ha backing on to the Manukau Harbour, predominantly leased to T&G Global Ltd. Currently operated as a market garden, the property has a 2279m² warehouse & 41,790m² glasshouse, and associated office & coolstore space.
Investment management director James Spence, of trust manager Goodman (NZ) Ltd, said last week: “While we are continually investing in the trust’s development programme, we are also looking at strategic acquisitions that complement the portfolio. Leased until June 2023, this property offers longer-term opportunity with the potential to develop 30,000m² of new warehouse space. Providing direct access to State Highway 20 and easy connectivity with the cbd, port & airport, the location is ideal for logistics operators.”
The acquisition is conditional on Overseas Investment Office approval.
Attribution: Company release.