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Goodman attracts leading brands to Moorabbin Airport business park precinct, delivering 63,482 sqm of new developments

Monday, 27 June 2016

Goodman Group (Goodman or Group) continues to experience strong customer demand for industrial and retail development at its Moorabbin Airport business park precinct, which has driven significant development and leasing activity.

Highlights:


+ 30,668 sqm purpose-built warehouse and office facility for Spectrum Brands
+ 13,650 sqm Costco retail development
+ 11,445 sqm purpose-built office and warehouse facility for McCormick Foods
+ 6,764 sqm retail development at Kingston Central Plaza, Moorabbin including pre-commits to Toys "R" Us, The Good Guys and Best Friends

Goodman General Manager, Australia, Jason Little said: "The strong customer demand for business space within the Moorabbin Airport precinct is testament to the quality facilities, high profile central location and the emergence of Moorabbin Airport as one of Melbourne's premier suburban business parks."

The 123 ha Moorabbin Airport precinct is an integrated mixed use business park with a unique offering catering to commercial, industrial, large format retail, leisure, entertainment and retail uses. The precinct includes the existing 14.7 ha Chifley Business Park, DFO (Direct Factory Outlet) and Kingston Central Plaza shopping centres, plus the recently completed Costco. The precinct benefits from over 3,000 employees on-site and an estimated one million people in the estate catchment area.

Costco opened their eighth Australian store at Moorabbin Airport in November 2015. Located off Boundary Road, the development was facilitated by a 59,395 sqm serviced land parcel provided by Goodman.

CBRE Head of Large Format Retail, Mr Chris Parry said: "The encouraging trading results demonstrated by Costco at this location has led to strong interest from a number of international retailers looking to establish a foothold in Melbourne, and more importantly, in this location.

Spectrum Brands Holding ("Spectrum Brands"), distributor of household brands including Remington, Russell Hobbs and Armour All, has committed to a 30,668 sqm purpose-built warehouse and office facility, with a ten year lease term. The new facility will operate as their Australasian Head Office and storage and distribution centre. It will comprise a 28,150 sqm warehouse and two level 2,518 sqm office, with an expected completion date of January 2017. Spectrum have had a long association with Moorabbin Airport having first located themselves on the estate in 2004.

Spectrum's Chief Finance Officer Asia Pacific, Darren Barling said: "We have a strong 14 year relationship with Goodman and over that time have occupied space across three different sites within Chifley Business Park. As our business has grown, Goodman has demonstrated flexibility and worked closely with us to meet our requirements. We look forward to continuing this partnership."

Also at Chifley Business Park, an 11,445 sqm warehouse and office development for McCormick Foods Australia and a 1,890 sqm warehouse and office facility for Netra Hospitality and Hygiene with eight and ten year lease terms respectively, have been completed. These new developments have been located at the southern end of Moorabbin Airport, creating a new precinct known as ‘Chifley South'.

Jason Little commented: "The Chifley South precinct will provide a smaller, more boutique offering than the larger Chifley Business Park, but will feature the same high quality facilities and architectural and landscaping features."

At Kingston Central Plaza ("KCP"), on the North east corner of the Moorabbin Airport precinct, Goodman is currently developing a 6,764 sqm extension to the existing retail premises, which will increase the number of retail customers to a total of 14 and provide expansion space for existing customer ALDI. The retail development involves the modernisation of the regional shopping centre, provision for an additional 230 car parking spaces, new amenities and improved site access and traffic movements.

Pre-commitments for the KCP retail development include:                                             

+ 3,231 sqm to Toys "R" Us
+ 2,000 sqm to The Good Guys
+ 1,000 sqm to Best Friends, a Pet Care Super Centre offering pet products and services
+ 1,460 sqm to ALDI supermarket, with commitment to an additional ten year lease term

Existing customers within the Plaza will continue trading throughout development works and several will be relocated to new facilities once complete. Goodman has received strong interest in the remaining five retail spaces, ranging from 260 sqm to 3,038 sqm and expects to finalise lease agreements prior to completion of the development in October 2016.

- Ends -

For further information, please contact Goodman:

Mathew Werner 
Group Corporate Communications Manager
Tel: +612 9230 7159

About Goodman

Goodman Group is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe, the United Kingdom, North America and Brazil. Goodman Group, comprised of the stapled entities Goodman Limited and Goodman Industrial Trust, is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist investment managers of industrial property and business space globally.

Goodman's global property expertise, integrated own+develop+manage customer service offering and significant investment management platform ensures it creates innovative property solutions that meet the individual requirements of its customers, while seeking to deliver sustainable long-term returns for its Partners.

For more information: www.goodman.com