Page 34 - GMT and GMT Bond Issuer Annual Report 2017 v2

NOTES TO THE FINANCIAL
1. INVESTMENTPROPERTY(CONTINUED) 1.6 Stabilised properties
Valuation 2017 2016
$ million
STATEMENTS
Business park
Highbrook Business Park, East Tamaki M20 Business Park, Wiri
Industrial estate
Savill Link, Otahuhu
The Gate Industry Park, Penrose Westney Industry Park, Mangere Penrose Industrial Estate, Penrose
The Tamaki Estate, Panmure
Connect Industrial Estate, Penrose Glassworks & Southpark, Christchurch
789.3 174.9
171.4 153.0 118.4
53.4 31.1 27.8 33.4
445.5
1,998.2
Acquisitions
/ Transfers Net
in expenditure
88.5 2.8 29.5 2.1
26.8 3.0 - 1.1 - 1.7 - - - 1.3 - 1.3 - 2.3
- 20.5
144.8 36.1
Disposals / Transfers out
- -
- - - - - -
(35.7)
(224.9)
Fair value movement
76.5 11.8
14.8 10.1 (5.2) 6.3 2.5 1.8 -
(11.4)
Valuation 2017
957.1 218.3
216.0 164.2 114.9
59.7 34.9 30.9
-
229.7
Valuer
Colliers, Savill JLL
CBRE CBRE CBRE JLL Colliers CBRE
Colliers, CBRE
Net lettable area sqm
361,124 105,775
102,884 77,184 103,735 30,736 19,448 21,942
55,730
879,188
5.3% - 5.5% -
5.8% - 7.4% -
Market WALT cap rate Occupancy years
6.8% 99% 5.7 8.0% 99% 5.6
6.8% 100% 8.5 6.7% 100% 3.7 8.6% 100% 6.7 6.8% 100% 3.5 5.3% 100% 2.5 6.8% 100% 2.6
9.4% 88% 3.5
continued
For the year ended 31 March 2017
Office park
Greenlane Office, Auckland & Show Place, Christchurch
Total stabilised properties
Acquisitions Transfers in
Net expenditure
Fair value movement
Disposals Transfers out
6.5% -
(260.6) 107.2 2,025.7
re ect the purchase price and any associated transaction costs. represent the net book value transferred in to a category during the year.
comprises capital expenditure (including maintenance capital expenditure of $3.9 million in the current year, $5.0 million in the prior year), holding costs, straight line rental adjustments, leasing incentives and leasing costs paid, less any amortisation of leasing incentives and leasing costs.
re ects the difference between the 31 March 2017 independent valuation and the net book value immediately prior to the valuation.
comprise the net book value at the date of disposal for properties sold in the year. represent the net book value transferred out of a category during the year.
GOODMAN PROPERTY TRUST ANNUAL REPORT 2017 FINANCIAL STATEMENTS
32 NOTES TO THE FINANCIAL STATEMENTS