South African property group Growthpoint said on Monday it had revamped an ageing retail warehousing entity in the plush district of Sandton, at a cost of R85-million.
The company said in a statement the year-long upgrade and expansion project had modernised the retail park and increased its size from 13 800 m2 to 23 000 m2.
“We identified its refurbishment and expansion as a good investment to unlock better performance from the asset and extend its lifecycle. This strategic upgrade is already achieving its intended benefits,” said Engelbert Binedell, industrial division director for Growthpoint Properties.
Growthpoint, which is listed on the JSE securities exchange, owns and manages a diversified portfolio of 547 property assets, both in South Africa and abroad.