Goodman buys huge Glen Innes industrial site

5:00 AM Saturday February 13, 2016 Colin Taylor

An aerial view of the huge industrial site at 127-131 Pilkington Rd, Glen Innes – identified by a red border.

Goodman (NZ) Limited, the manager of Goodman Property Trust, has announced the purchase of a huge 5.8 hectare industrial site at 127-131 Pilkington Rd in Glen Innes for $30.3 million.

The multi-tenanted industrial property, back dropped by Mt Wellington, is adjacent to the eastern railway line in an area designated by Auckland Council for high density redevelopment and is currently occupied by functional warehouse and showroom space covering a total area of 20,400 sq m.

John Dakin, chief executive officer of Goodman, says purchase represents “a strategic acquisition in the heart of the Tamaki Regeneration Area which is positioned to benefit from the new Auckland Manukau Eastern Transport Initiative [AMETI] transport initiative.

“There is immediate opportunity to add value with longer term options provided by the Mixed Use zoning of the sites.”

Dakin says the property is expected to provide a passing yield in excess of six per cent once new leasing initiatives are completed.