GROWTHPOINT Properties Ltd is developing additional warehousing and refurbishing existing warehouse space at Kwaford in Port Elizabeth to meet what it describes as the “bullish demand for quality industrial property in the Eastern Cape”.

South Africa‘s largest listed property company is developing two warehouses on the site, one of which is a refurbishment of the existing property, for a R20-million investment.

The new warehouse will provide some 13400m² of space and the refurbished facility 2500m² of prime warehousing.

“Refurbishment of industrial properties that were previously earning insignificant rentals can result in achieving rentals in excess of R34/m² on the revamped properties due to the growing economy of the area and increased demand for space by industry,” says Tyrone Govender, Growthpoint properties limited industrial divisional director.

Growthpoint owns some 420 properties throughout South Africa and of its total portfolio some 5% of its investment is in the Eastern Cape.

Source: The Herald