A valuable tract of land in Cape Town has been earmarked for widespread commercial development, from retail space for wholesale and niche enterprises to logistics warehousing.
Redefine Properties is the biggest shareholder of Brackengate 2, located along the R300 freeway near the Brackenfell central business district, close to Cape Town’s northern suburbs.
Redefine’s investment represents 50.1% of the R216-million purchase price. The company aims to develop its share of the land as well.
Brackengate comprises three individual land parcels – Main, Stikland and Triangle.
“We are currently pursuing various opportunities in developing ‘big box’ retail space that is suitable for the do-it-yourself and home improvement sector,” says Redefine industrial national asset manager Johann Nell.
He adds that this is expected to take up 20% of the 495 m2 of land in this section. The balance of the Main precinct is set to house high-eave logistics warehousing with a specific focus on fast-moving consumer goods and cold logistics.
Redefine believes the Triangle land, which measures 47 200 m2, may be suited to the motor trade, while the Stikland precinct has been earmarked for disposal.
The property has multiple access points, including the N1 and N2 routes, as well as secondary routes linking the major industrial and business districts around the northern suburbs of the Cape Town metropolitan area.
The company has partnered with the City of Cape Town for the development of new on- and off-ramps linking up with Bottelary road, which will unlock Brackengate 2 to the N1 and the R300.