Rundown security, poor amenities, deferred building maintenance and a weak property market confronted listed landlord and Australian-managed Macquarie Goodman when it paid $52 million for Central Park at Greenlane three years ago.
Wednesday, April 20th 2005, 8:17AM
by The Landlord
But after spending $5 million upgrading the park, developing two new buildings and with plans for further expansion, Macquarie now boasts a much-improved asset.
Macquarie Goodman Property Trust chief executive John Dakin told a Jones Lang LaSalle meeting in Auckland yesterday about the park's problems in 2002.
But the trust has since turned the property around, wiping out a large vacancy rate and adding more buildings.
Dakin said a new 6800sq m office building was about to be completed and had been leased to Westpac, GDC Communications, Tse Group, Sealord and others.
