Macquarie Goodman Property Trust (MGP) is pleased to announce the purchase of 345 Neilson Street, an industrial property with associated development land, located in Penrose, Auckland, from Fivestar Property Limited for $27.28 million.

The Neilson Street location is in the heart of the Penrose industrial precinct and neighbours MGP’s largest industrial estate, The Gate Industry Park. The office and warehouse facility includes over 2,000sqm of office space, 17,000sqm of warehouse/industrial space and 2.2 ha of development land.

The investment component of the property was purchased on a market yield of 8.25% and includes a new lease to Fivestar Distribution Limited (Fivestar) and existing leases to Toll NZ Limited and Toll NZ Consolidated Limited.

The lease to Fivestar is for an eight year term with two yearly reviews with fixed increases and two rights of renewal of four years each. Settlement is expected to occur on 28 June 2006.

Penrose is one of the principal industrial locations within the Auckland area, benefiting from good access to arterial routes and close proximity to Auckland International Airport. In addition, the property has direct rail access and adjoins the Metroport.

Macquarie Goodman (NZ) Limited, Chief Executive Officer, John Dakin said, “The successful development of The Gate Industry Park has demonstrated the value of this location. This is a quality acquisition for MGP, with a substantial transport customer on a new lease and a site that offers further development opportunities.”

For further information please contact:
John Dakin
Chief Executive Officer
Macquarie Goodman (NZ) Limited
(09) 375 6063
(021) 321 541