Macquarie Goodman buys 50% stake in Addington office park company

Published 29 May 2007

Macquarie Goodman Property Trust has acquired a 50% interest in the company that owns Show Place Office Park in Addington, Christchurch, for $30 million.Macquarie Goodman bought the stake in Henshaw Holdings Ltd from interests associated with local investor Ernest Henshaw.

Macquarie Goodman (NZ) Ltd chief executive John Dakin said: “The acquisition provides Macquarie Goodman with a half share in what is arguably New Zealand’s premier office park development. The office park has an asset value in excess of $88 million and comprises 6 lowrise commercial buildings offering 18,370m² of net lettable area.“The high-quality office park is strategically located, being positioned next to the Addington Raceway, close to Hagley Park & the Tower Junction shopping centre and just 4km from the cbd. The park offers impressive amenities with landscaped grounds & a recently completed gym & restaurant facility. Key customers in the award-winning property include Hewlett-Packard, Holcim, IAG, Solid Energy & Transpower, which contribute to a weighted average lease term of 5.4 years.”Mr Dakin said another 11,000m² of net lettable area could be built on the 5.5ha site: “Future development will be staged to meet occupier demand and will be funded from the company’s existing equity & debt arrangements.”Macquarie Goodman also owns the Southpark industrial estate & Glassworks industry park in Christchurch, both offering further development potential.The investment vehicle that owns Show Place is forecast to provide a yield of 7.5% following the leasing of vacant space and the completion of rent reviews. The acquisition settled after the close of trading on Friday 25 May.

Mr Henshaw is also a director of Henshaw Developments Ltd, Henshaw Motor Racing Ltd & Henshaw Trust Ltd.

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Attribution: Company statement, story written by Bob Dey for this website.

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