GMT Acquires Strategic West M manager of Goodman Property Trust (GMT) has announced that GMT has acquired two adjoining industrial properties in Henderson, Auckland for $18.9 million.
Located on the corner of Selwood Road and The Concourse, the two former boat building premises provide around 22,120 sqm of high volume warehouse space with a further 1,250 sqm of associated office area.
John Dakin, CEO of the manager said in a statement, “Acquiring the former Alloy Yachts premises and the neighbouring site, and amalgamating them into a single four-hectare estate, provides GMT with a strategic opportunity in the rapidly developing West Auckland industrial market. Close to the CBD and with direct access to SH16 from the Lincoln Road interchange, this property will become one of Auckland’s best located industrial estates when the Western Ring Route completes in 2017.”
Currently vacant, the existing warehouse buildings will be refurbished and reconfigured, and once fully leased are expected to generate a passing yield of around 7 percent. With significant yard areas and associated land, the estate also offers further development opportunity.
The acquisition remains conditional on OIO consent.