Goodman Secures 20-Year Lease for First Phase of Tokyo Data Centre Campus

Goodman Group has secured a 20-year lease with a global hyperscale customer for the first 50-megawatt phase of its 1-gigawatt data centre campus in Greater Tokyo. The project, located in Tsukuba Tech Central, is expected to enter service in early 2028, marking a significant milestone in Japan’s digital infrastructure development.

The ASX-listed industrial builder will develop, own, fit out, and operate the facility, which is currently under construction. Goodman has secured power from Tokyo Electric Power Company (TEPCO) and multiple dark-fibre routes to connect the campus with Greater Tokyo’s main interconnection points.

## Project Details and Timeline

Goodman acquired the 45-hectare site in Tsukuba City in 2022 for JPY 11 billion (approximately $85 million at the time). The site is located about 50 kilometres northeast of central Tokyo. Site-wide civil works have been completed, and TEPCO is supplying power through new grid infrastructure that will not reduce capacity available to other users.

The initial 50MW facility was originally targeted for completion in 2026, but the current service date is now set for early 2028, a two-year delay from the original timetable.

| Phase | Capacity | Completion Date | |---|---|---| | Phase 1 | 50MW | Early 2028 |

## AI-Ready Infrastructure

Each facility is designed to support cloud and artificial intelligence workloads, including liquid-cooled deployments. Goodman noted that demand is shifting towards metropolitan locations as AI workloads move from training to inference. The group is also in discussions with customers and utilities about renewable power supplies.

In addition to the data centre facilities, Goodman is building a 45,000 square metre public amenity and disaster-prevention hub on the southern side of the site. Designed by Tezuka Architects, the hub will include a plaza, cafes, shops, an emergency warehouse, and a dedicated water source.

## Digital Buildout and Capital Recycling

Data centres now account for 73 percent of Goodman’s A$14.5 billion in work in progress as of the end of March. The group forecasts data centre work in progress of more than A$14 billion ($10 billion) by June.

Goodman’s global power bank reached 6.4GW as of May. In Japan, the group has developed more than 300MW of data centre projects at Goodman Business Park in Inzai and was appointed to lead planning for a proposed campus in Sagamihara, 15 kilometres from Tokyo’s central business district.

In Hong Kong, Goodman recently began construction of HKG09, a 50MW conversion of an ageing Kwai Chung industrial property pre-leased to an unnamed Singapore-based data centre operator. The group’s ninth Hong Kong data centre is due for completion in 2029 and will help lift its capacity under management in the city to 392MW.

The digital push is accompanied by capital recycling elsewhere in the portfolio. A Barings-led consortium agreed in June to buy Melbourne’s Moorabbin Airport from Goodman for A$1.5 billion, with the developer set to retain a minority stake alongside Aware Super and Rest Super.

Goodman and its flagship Australia Industrial Partnership also agreed to pay a combined A$2.65 billion to buy out industrial holdings from Soul Patts, consolidating control of 1.3 million square metres of logistics assets in Sydney and Brisbane as the group scales both its warehouse and data centre platforms.