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Basil Read concludes $15m Klipriver property deal

25th February 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed construction and engineering group Basil Read subsidiary Basil Read Developments last week sold the seventh property within its Klipriver Business Park development.

The $15-million deal would see a 3.2 ha property within the business park transferred to China-based agricultural food manufacturer New Hope Group next month, after which the construction of an animal farm and food manufacturing plant would start.

Basil Read Developments started construction of the four-phase, R390-million Klipriver Business Park development in 2009, Basil Read Developments MD Des Hughes said.

The development, located on the farm Waterval with a development land size of 118.9 ha, covered the R59/R550 interchange, with access to major road networks, such as the N1 and N3, as well as a rail network.

It was expected to house 96 saleable erven and provide a “superior high-tech working environment”, he added.

The business park, which would include on-site security, an adjacent police station and full access control and perimeter security, was to be managed by consulting property managers Oakwood Properties.

Phase 1 of the project comprised 48 fully serviced properties spanning 52 ha and included fibre optic communication systems, landscaping and security.

A Paramount Trailers manufacturing facility was one of the seven occupants, Hughes commented.

The development of the remaining three phases would be market driven.

Meanwhile, Basil Read was developing a large-scale mixed-use housing development to cater for employees of businesses being established at the new park.

Savanna City, providing about 19 000 housing opportunities, 16 schools, churches, clinics and commercial centres, besides others, would cater for people earning less than R3 500/m, as well as those with “unlimited” earnings.

Savanna City, located about 10 km from the business park, was being developed in a 50:50 partnership with Old Mutual.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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