At a glance
Data centres are 78% of Goodman's A$19.7 billion of projects under construction, against 73% at 31 March 2026.
Goodman has electricity lined up for 6.4GW of data centres, up from 5.0GW at 30 June 2025.
Of that, 3.6GW is secured power and 2.8GW is in advanced procurement, unchanged since 31 March 2026.
Goodman has built 0.7GW of its 3.6GW of secured power and is building another 0.5GW, leaving 2.4GW unused.
Greg Goodman told the AFR he expects around A$30 billion of income-producing data centre assets in time.
A$19.7 billion under construction at 30 June 2026
Goodman Group reported its FY26 result on 20 August 2026, for the year ended 30 June 2026. At 30 June it had A$19.7 billion of projects under construction, measured at what the finished buildings will be worth, more than half again on a year earlier. Data centres are 78% of that against 73% at 31 March 2026, which puts more than A$15 billion of data centre building under way. Goodman expects the finished projects to return 8.2% a year against what they cost to build, and 9.2% on the ones it started during FY26.
Operating profit rose 15.7% to A$2,674.5 million and operating earnings per security rose 10.1% to 129.9 cents. Goodman is guiding to 9% operating earnings growth in FY27. Its shares were trading down 3.5% at A$28.21 on 20 August 2026, the AFR reported, the weakest performer on the 20-member S&P/ASX 200 real estate index, with Citi analyst Howard Penny saying "the key investor debate will now centre on the earnings cadence from recently signed leases".
Goodman separately reports the electricity it has lined up across its sites, split between secured power and capacity in advanced stages of procurement. The total finished the year at 6.4GW across 16 major cities. It stood at the same 6.4GW at 31 March 2026, on the same 3.6GW and 2.8GW split.
Goodman added 1.4GW of power over FY26, from 5.0GW across 13 cities, and all of it was disclosed by the March quarterly. Delivered capacity was the line that changed. Data centres owned or controlled by Goodman and its Partnerships reached 0.7GW at 30 June 2026, up from 0.4GW at 31 March, worth A$5.7 billion.
Ten data centre projects, eight cities, A$15 billion
Goodman closed the year with 0.5GW of data centre projects under construction, across ten developments in eight global cities, worth more than A$15 billion on completion. Capacity under construction was 0.7GW at 31 March 2026. The megawatts being built came down over the June quarter while the value went up.
Source: Goodman Group FY26 result and Q3 FY26 operational update. Data centre values are the disclosed percentage applied to the disclosed total.
Goodman reports 100MW of that construction as contracted, including the 20-year lease signed with a hyperscale customer at Tsukuba Tech Central outside Tokyo, where JLL puts the wait for a grid connection at eight to ten years. Goodman will fit out and operate the Tokyo building itself. Its FY26 release says the majority of its data centre work under construction is fully fitted, and that it expects to operate some of those facilities for customers. Chief financial officer Nick Vrondas told the results call that installing the equipment for customers is established work, and that "a 20-year pre-lease to a global hyperscaler, you are not going to expect the high end of the range". Greg Goodman said the contract took nine months to negotiate.
Hong Kong, Europe, Los Angeles and Japan each have a capital partner
Goodman is developing 71% of that construction for its Partnerships and third parties. About 90% of the data centre projects under construction, including their future expansion capacity, are held in data centre or development Partnerships. Goodman raised A$3.2 billion from outside investors during FY26, including four new capital Partnerships.
Hong Kong runs through a A$4.1 billion consortium formed in July 2025 in which Goodman holds a 20% stake as anchor investor, alongside PGGM, APG, CPP Investments, CBRE Investment Management and an unnamed Middle Eastern investor. Europe and Los Angeles are 50/50 joint ventures with CPP Investments and DataBank respectively. Japan runs through the Goodman Japan Data Centre Venture, which secured two unnamed capital partners in May 2026.
Goodman said on 20 August 2026 that it expects to establish an Australian development partnership in the first half of FY27, which runs to 31 December 2026. Its February 2026 guidance was for a new Australian partnership to complete during 2026, and Greg Goodman told the results call that marketing would start at the beginning of next year. No Australian data centre partnership is named in the FY26 result.
Seven Australian projects across Sydney and Melbourne
Project | Capacity | Status |
|---|---|---|
SYD01, Artarmon | 61MW IT load | Under construction |
Duke, Mascot | 90MVA | Approved Dec 2025 |
Pluto, Guildford West | 68MW IT load | Approved Jul 2026 |
Atlas, Eastern Creek | 500MVA | In assessment |
Mars, Lane Cove West | 90MW | In assessment |
Apollo, Macquarie Park | 90MVA | In assessment |
Truganina, Melbourne | Not published | Lodged Jul 2026 |
Source: NSW Planning Portal, Goodman announcements and Melton City Council, August 2026. MVA measures the size of the electrical connection the network builds; MW of IT load measures the power reaching the servers. The two are not interchangeable. Build costs where disclosed: SYD01 A$845.9 million, Pluto A$1.11 billion, Atlas up to A$5 billion.
SYD01 started construction in March 2026 and its first phase is due in the second quarter of 2028. Goodman lists it at 90MW in the FY26 accounts against the 61MW of IT load in its planning approval, the same connection-versus-servers distinction. Project Pluto carries a similar gap: the planning portal describes a load capacity of 126MW, while the exhibited documents state 68MW of IT load in two 34MW stages. Goodman reports its power at group level only. w.media and DCD both estimated its Australian power at about 1.3GW in March 2026.
Three of the seven sites are conversions of earlier uses: the former Castrol lubricants plant at Guildford West, the former ABC television studios at Artarmon, and a former Coles distribution centre at Eastern Creek. Pluto's approval on 23 July 2026 added to a corridor mapped in who is building where in Western Sydney and on the Sydney infrastructure map. On 27 March 2026 the New South Wales government moved 15 data centre projects worth A$51.9 billion into its Investment Delivery Authority, which fast-tracks large projects. Atlas is the only Goodman project on that list. Truganina, lodged in July 2026, sits alongside three other new Victorian campuses.
Four networks connect those sites, and the rules changed on one. Transgrid's capacity policy, effective 14 August 2026, applies to inverter-based loads of 30MW or 30MVA and above connecting directly to the transmission network in New South Wales and the ACT. Within three months of signing a connection agreement, a developer must evidence planning approval, land, awarded construction contracts, long-lead equipment orders and finance, or the allocation lapses. The Australian Energy Market Commission, the electricity rule maker, says only around 1.5% of data centre consumption is currently transmission-connected, and cites an Oxford Economics forecast of about 32% by 2030.
The rest connect through a distribution network. As at 20 August 2026 no distributor had published an equivalent policy. Ausgrid told the New South Wales upper house inquiry its data centre pipeline runs to 7.5GW, and Endeavour Energy said it supplies about 20 data centres carrying roughly 900MW. Project Pluto's exhibited documents put its first stage on the Guildford West transmission substation and its second on the Endeavour Energy network, naming only Endeavour. Truganina connects through Powercor in Victoria, which the Transgrid policy does not reach.
Transgrid told the same inquiry that it had taken more than 10GW of data centre connection enquiries in 18 months, with about 6GW progressing to a formal application, and its connections page puts more than 10GW within 12 kilometres of Sydney West, which it describes as "equivalent to the peak winter load for the whole of NSW concentrated in one local area". The national transmission connection queue reached 9GW across 17 projects in the June quarter of 2026.
Forbes Australia reported on 12 August 2026 that the New South Wales Department of Climate Change, Energy, the Environment and Water, in its submission on Project Atlas, said "data centres represent significant new electricity demand entering the energy system which could prolong the operation of coal-fired power stations" and that "to offset these impacts, data centres need to support the development of new renewable energy supply within NSW through long duration, firmed PPAs". Forbes Australia is the only published account of that submission.
Greg Goodman sizes the data centre book at around A$30 billion
The 0.5GW under construction comes on between early 2027 and 2030. Greg Goodman put the demand behind it as "scarcity of power and land remains the key constraint on AI and cloud growth supporting data centre demand", adding that "hyperscaler capex expectations continue to rise, with many customers facing undersupply into 2027 and 2028".
Goodman holds secured power for about 2.4GW of data centres it has not started building. Of its 3.6GW of secured power, 0.7GW is already built and 0.5GW is under construction. The rest is grid capacity it has locked in and not yet used. Goodman's March quarterly counted built and building capacity inside the secured figure the same way, and a further 2.8GW is still in procurement.
Greg Goodman put a figure on where it lands. Data centres are just under A$6 billion of Goodman's roughly A$90 billion of assets. Positing a larger portfolio of "$120 [billion], $130 billion of assets", he told the AFR "there's probably $30 billion or close to it of data centre assets that are then income-producing as well at a higher rate than the industrial", and that the income from data centres would accelerate "relatively quickly over the next three or four years". On the shape of it: "[FY]27 is very much a year where there's going to be strong development earnings," with rents flowing in 2028, 2029 and 2030.
Of the seven Australian sites, only SYD01 is under construction.
What to watch
The Australian partnership, first half of FY27. Goodman expects to establish an Australian development partnership by 31 December 2026, and Greg Goodman said marketing starts at the beginning of next year.
The 2.8GW in advanced procurement. Goodman reports secured power separately from power still being procured, so the quarterly updates will show how much of that 2.8GW moves across in FY27.
Project Atlas. At a declared build cost of up to A$5 billion it is the largest Australian project in the table above by cost. It is responding to public comments, with no decision made. The assessment will test the department's position on long-term power contracts backed by new renewable supply.
NEXTDC's FY26 result, 27 August 2026. It had 740MW of capacity under contract at 30 June 2026 on its own measure. Of that, 175MW was switched on and earning, and 565MW was signed and not yet billing. The NEXTDC operator profile lists its sites