AltX-listed real estate investment trust Spear will start with Phase 1 bulk infrastructure construction for its new R400-million industrial development GTX Park, in George, in early October.

The development will comprise 30 000 m² of light industrial space, split across nine sites.

The park will be located on the corner of the R102 and R404, adjacent to the George Airport and situated within the Airport Business Park precinct. The GTX Park will be developed over a five-year period.

Spear’s investment in this prime location further strengthens its focus on expanding their Western Cape property portfolio and will have a positive impact on the growth and development of the region, the company said in a statement.

“We are very pleased to launch GTX Park and bring this exciting development to the city of George. This expansion aligns with our commitment to creating innovative and sustainable spaces, and efficient operating solutions for businesses to thrive, as the entire Western Cape remains a viable investment opportunity for us,” says Spear CEO Quintin Rossi.

The Eden District has advantageous geography and has become an increasingly appealing place to live and work, witnessing a surge in interest from various industries. George is also a strategic location with it fast becoming the mid-way point between the Eastern and Western Cape, and it is highly accessible and attractive for agri-logistics, oil and gas, logistics, residential developments, commercial ventures and call centres, he said.

“The recent signing of a lease agreement for a 3 000 m² call centre further demonstrates the growing interest and potential in the area,” he adds.

The development will provide contemporary light industrial spaces tailored for warehousing, cold storage, distribution, and other ancillary industrial activities.

The spectrum of warehousing solutions will encompass sizes spanning 300 m² to 10 000 m² and particular attention has been paid to the design, incorporating a variety of features such as varying heights from 10.5 m to 15 m.

Additionally, the inclusion of spacious yard areas contributes to an all-encompassing and meticulously devised layout.

Further, in line with Spear’s commitment to sustainable development, solar photovoltaic infrastructure and water augmentation solutions will be included in the development framework.

The uptick in development activity in George which has been absent for some time makes GTX Park and the greater Airport Business Park district an ideal location for businesses looking for strategic positioning with convenient access to transportation routes and key amenities, Rossi says.

“George has a positive environment for business growth and benefits from a well-managed, municipal environment which has fostered real investment in infrastructure and development projects.”

A new state-of-the-art medical facility by Mediclinic, which is expected to be completed within two years, further illustrates commitment to investing in the overall development of the region and this commitment to progress makes it an attractive place for investors to establish and expand their businesses, he adds.

Meanwhile, Baker Street Properties will be appointed as the principal letting agents for GTX Park.