Oct 25, 2007:
A R123m project has been launched to meet continuing demand for large industrial space in greater Cape Town.
The development, to be known as Racecourse Gardens and situated on Racecourse Road in Milnerton and adjacent to Trade Centre, will consist of 24,230sq m of warehousing space with offices. It follows the rapid take-up of space in a recently completed R83m expansion of Phumelela Park, an Old Mutual industrial park in nearby Montague Gardens.
This is the sixth industrial development to be undertaken over the last 18 months in the major centres by Old Mutual Investment Group Property Investments (OMIGPI), says Brent Wiltshire, the group's property development executive.
"Two projects, costing R230m, are underway in Jet Park, a popular node near Johannesburg's O.R. Tambo International Airport," he says.
"In addition to the expansion of Phumelela Park, we have also completed a tenant-driven development there. Mahogany Ridge Industrial Park, a R102m project, was also completed earlier this year in Durban. "
The rapid take-up at Phumelela Park ensured the Old Mutual industrial parks in the Cape Town metro continued to be fully let, says Marco Bonafede, the OMIGPI leasing consultant for Racecourse Gardens.
"Racecourse Gardens will have quick access to major distribution routes such as the N1 and N7 and be close to the harbour, Cape Town CBD and the northern areas. With its location, and ability to accommodate large warehousing space, Racecourse Gardens is a prime area for expansion," he says.
"There will be four units, which can be split to meet tenant requirements. They will range from 3,882sq m upwards and will specifically cater for the medium to large-scale user on which OMIGPI has focused in recent years."
The units will be built in line with international standards for A grade warehousing Space, says Bonafede.
"Specifications include clear eaves heights to 8m for maximum racking, power floated floors, insulated roofs, abundant natural lighting, vehicular access through steel roller shutter doors, ample yard space and substantial truck turning circles. "
The development is expected to be ready for occupation in the spring of 2008.