WESTLAKE Business Park and Steenberg Office Park in Cape Town have been fully sold in the space of three years, says Andrew Tozer from Pears Commercial, marketers of the development.
"Recent land sales in Westlake Business Park have reached up to R850/m², which is an indication of the high demand for good quality secure industrial space," says Tozer.
He says that in Steenberg Office Park more than 10000m² of property has been sold under sectional title, with prices in excess of R6000/m². Tozer says that many properties have now reached the R7000/m² mark.
"I think the success of both parks can be attributed to the flexibility of the size of the units, together with the trend towards owner occupation," he says.
With the completion of sales in both parks, the southern suburbs, south of the N2, is now facing a severe shortage of quality premises for sale. The scarcity of suitable land available for development has led to rentals soaring.
Tozer says the last major opportunity for industrial development will be at Capricorn Business Park in Muizenberg. The 68ha business and technology park is under new management and is experiencing a turnaround.
The Rabie Group has been appointed as overall managers of the park and have brought on board two specialist managers, including Wendy Hartshorne Consulting and Commlife.
The managers have been concluding a deal with land users every month, which is in line with their target.
Dec 08 2004 08:34:33:000AM Business Day Reporter Business Day 1st Edition
Publisher: Business Day
Source: Business Day
