Goodman starts work on Rosebery Engine Yards project
n artist’s impression of Goodman’s Rosebery Engine Yards development.

Goodman starts work on Rosebery Engine Yards project

Industrial property powerhouse Goodman and development group Taylor are set to launch construction of the large-scale Rosebery Engine Yards in Sydney’s south with an estimated value of around $185 million.

The 11,650 square metre site is a large-scale, single storey floor plate, and sits on 1.9 hectares stretching an entire block in Rosebery. It is considered one of the largest heritage brownfield developments in the area.

Rosebery Engine Yards will be a modern, sustainable workspace with high ceilings, retained timber framework and exposed bricks. Transforming unused industrial space, the property is close to consumers, and supports the environment by reducing, recycling and reusing existing resources.

Goodman Australia chief executive Jason Little said the new development is an example of regenerating an existing site, “reusing finite materials and reducing waste, and construction emissions”.

“The property is located in Rosebery which is fast becoming one of Sydney’s edgiest lifestyle destinations. It’s home to vibrant food and drink precincts, eclectic cafes and boutique providore,” Little said.

The ASX-listed Goodman has a market value of $34.16 billion and is one of the world’s largest builder owner and manager of industrial properties.

It has focused heavily on environmental social governance practices and aims to achieve a 5 Star Green Star Design and As Built rating, and 5 star NABERS, with this development.

Goodman chief executive Greg Goodman has said sustainability features across the portfolio include rooftop solar, electric vehicle charging, green power, recycled materials, energy and water monitoring systems, rainwater retention for landscape irrigation, daylight harvesting, LED lighting.

In the quarterly update two weeks ago, Goodman said the group’s broad range of initiatives “see us continuing to work with our customers and suppliers to increase the productivity and sustainability of our buildings, including the use of lower carbon materials”.

Once complete, the Rosebery Engine Yards development will comprise state-of-the-art commercial and showroom tenancies, a childcare centre, retail food and beverage precincts, end-of-trip and parking facilities.

Taylor’s Refurbishment and Live Environments’ division has been chosen by Goodman to deliver the Rosebery Engine Yards project with a targeted completion of October 2023.

The group is also holding its hybrid annual general meeting on Thursday, November 17 where shareholders will be monitoring the board’s action on the remuneration report after there was a “first-strike” on its adoption at last year’s virtual meeting.

A second strike this year would trigger a boardroom spill – when all current directors would face re-election. Goodman also faced a first strike against its remuneration report in 2018, but the report was successfully adopted in 2019.

Goodman chairman Stephen Johns has said, in the notice of meeting, that the board has reviewed its remuneration strategies and retained the ten-year plan for senior executives “which provides long-term alignment with security holders”.

“We have significantly reduced the quantum of awards for senior executives this year. We have also adopted even more challenging targets notwithstanding the current considerable market uncertainties, that if fully achieved will see operating profit increase 60 per cent over the next four years,” Johns says in the notice.