ApexHi's Eastern Cape investments pay off

Posted On Thursday, 21 July 2005 02:00 Published by eProp Commercial Property News
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ApexHi has grown its EC portfolio to 14 buildings with a gross lettable area of 94,129m².

Gerald LeissnerApexHi Properties Limited has invested R152,5-million in buildings in the Eastern Cape and has grown its portfolio from three buildings in 2001 to 14 buildings with a gross lettable area of 94,129m².


Leon Feinblum, says the Eastern Cape portfolio, which comprises 5% of the total ApexHi portfolio, has experienced reduced vacancies and increased rentals.

“Our strategy to invest in properties in smaller towns and cities around the country is paying off as there continues to be a demand from regional government and retailers for quality space in these areas,” he says.

The property company’s Eastern Cape portfolio comprises a total of 73,949m² in Port Elizabeth, 8,575m² in Uitenhage, 5,104m² in East London and 6,497m² in King Williams Town. The sectoral split is 16,8% industrial, 37,9% retail and 45,3% commercial.

A number of major office deals have been concluded with government tenants for space in the Port Elizabeth CBD and Feinblum says retail rentals in the city’s CBD have doubled over the past two years. “There is no vacant space in the CBD and vacancies in the city’s top retail centres have dropped to less than 1%,” he says.

Low vacancy rates in Uitenhage (1,9%) and King Williams Town (0,3%) also demonstrate that ApexHi has made wise investments in these areas.

“The trend towards decentralization is less pronounced in smaller towns and cities and the oversupply of space is not an issue,” says Feinblum. “The result is far less pressure on rentals and a higher likelihood of renewals.”

ApexHi’s anchor tenants in the Eastern Cape are government, Feurica Automotive, ABSA, Pepkor Group, JDG Group and the Nelson Mandela Metropolitan Municipality.

 

Last modified on Tuesday, 06 May 2014 16:52

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