Two warehouses are being developed on the site, one of which is a refurbishment of the existing property, for a R20m investment. Construction is already underway and completion is expected in March 2008.
The new warehouse will accommodate some 13,400sq m of space while the refurbished facility will provide 2,500sq m of prime warehousing.
Tyrone Govender, Growthpoint Properties Limited Industrial Divisional director, notes that due to the growing economy of the area and the increased demand for space by industry, the refurbishment of older industrial premises is of particular benefit to property investors. "Refurbishment of industrial properties which were previously earning insignificant rentals, can result in achieving rentals in excess of R34/sq m on the revamped properties," says Govender.
Growthpoint owns some 420 properties located throughout South Africa, of which 240 are industrial, comprising 2,3m square metres of lettable area valued at R5,1bn with a vacancy level of less than 2%. Of its total portfolio, some 5% of its investment, by gross lettable area, is in the Eastern Cape.
For more information contact Greg de Klerk on 083 680 3756.
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