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Macquarie buys Auckland property from Trans Tasman Properties

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.

Thursday, May 06th 2004

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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