REDEFINE Income Fund is helping to rejuvenate Paarl’s economy through its development of Berg River Park — the town’s first fully secure industrial park.
Redefine purchased the 36000m² property and, with Madison Property Fund Managers as the development manager, refurbished the buildings to create an industrial park that is already substantially let. The premises were originally home to the Berg River Textiles factory, which closed its doors some time ago, leaving a number of people out of work. The reduction of British American Tobacco’s South African operation nearby exacerbated the situation.
Redefine CEO Brian Azizollahoff says: “As the owner and developer, Redefine’s rejuvenation of the site represents a long-term investment in the community.”
Daryl Sher, development manager for Madison Property Fund Managers, says the park is being redeveloped to tenant-specific requirements. “We are catering for tenants in the motor industry, the agricultural sector and heavy manufacturing, as well as providing offices, retail and social amenities and even sports facilities such as action cricket and gym,” he said.
About 30000m² of the park had been let. Betafence SA, a major tenant, has taken 8000m² on a 10-year lease. Betafence SA is part of Belgium-based Betafence, a global player in perimeter fencing, access control and wire-mesh products.
“Once the park is fully let, Redefine intends to give some of the electricity allocation back to the grid to assist with the electrical shortage,” says Azizollahoff.
The park is between Cape Town and the Boland, central to manufacturing and agriculture in the area.
Redefine is the owner of several landmark properties in Western Province, including the iconic Convention Tower at the gateway to Cape Town’s foreshore, adjacent to the Cape Town International Convention Centre. It also owns the Standard Bank building in Cape Town and the burgeoning CTX Freight Park next to the Cape Town International Airport, and recently acquired Sable Square, next to Century City.