Macquarie buys Auckland property from Trans Tasman Properties

Thursday 6 May 2004

Macquarie Goodman Property Trust (MGP) and Macquarie Goodman Industrial Trust (MGI) have conditionally agreed to buy an office and industrial park in Auckland for $72 million.

By The Landlord

The pair are buying the "Fletcher Site" in Penrose from a subsidiary of Trans Tasman Properties Limited.

The property has a site area of 8.1 hectares with five office buildings and 18 warehouse/industrial buildings.

Fletcher Building has five years remaining on a lease for the property.

According to MGP the site's annual net rental is $6.5 million, with market reviews every three years, delivering a yield of 9 per cent.

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