Newmarket Industrial Estate is located in the industrial node of Alrode, near Alberton in Gauteng, an area that has attracted heavy manufacturing businesses and large space users such as Sasol, Petronet and Imperial Trucks.
As part of the redevelopment of Newmarket Industrial Estate, Growthpoint will be constructing specially designed 4,400m2 premises for Scania on a portion of the site. This is Scania’s third tenancy with Growthpoint, and the second development that Growthpoint has undertaken to meet the unique requirements of Scania.
With property assets exceeding R22 billion and a market capitalisation of close to R18 billion, Growthpoint owns some 420 properties located throughout South Africa, of which 240 are industrial, comprising 2,3 million square metres of lettable area with a vacancy level of less than 2%.
The Scania development, which will see a R30 million investment from Growthpoint, commenced in September this year and is expected to by ready for completion in mid-2008.
The total project, which will be phased, will create a total 40,000m2 of warehouses. “Strong demand for premises in the area has led to the refurbishment of various properties and new developments being undertaken, which has significantly boosted rentals,” notes Growthpoint Properties Limited Industrial Divisional Director Tyrone Govender.
Newmarket Industrial Estate has excellent access to Gauteng’s highway network through the R59 and the N3 with large yard areas allowing for sufficient turning space for big trucks, making it ideal for logistics companies.
All structures currently on the site will be demolished and new earthworks undertaken, with the exception of the 29,000m2 main warehouse. Main services are connected to the property including water, electricity and drainage.
Publisher: eProp
Source: Growthpoint
