JSE-listed Growthpoint Properties has secured packaged goods company Tiger Brands’ milling logistics division as a tenant to its new R55-million Range Industrial Park development in Blackheath, Cape Town.
Tiger Brands will occupy 4 600 m2 of business property, comprising a large warehouse and 400 m2 of offices, on a three-year lease.
With the development now 50% let, Growthpoint development manager Riaan Munnik tells Engineering News that the company hopes to let the remaining space of the business park soon so that clients and businesses can realise the benefits that Blackheath offers.
“We believe that Blackheath is still an undiscovered jewel and offers very good future investment growth. The property is arguably on the most prominent intersection in Blackheath and is located 200 m from the Blackheath train station. It is also located 1 km from the R300, which links the N1 and the N2.
“The Blackheath community improvement district plays a huge roll in upgrading infrastructure and offers services such as security and cleaning and, therefore, a lot of value, which benefits all businesses,” he says.
Growthpoint acquired the property in 2013 when it consisted of an existing 6 300 m2 building and 1.4 ha of vacant land. The company has since developed the site into a modern industrial warehousing space with offices.
Munnik states that Growthpoint’s vision was to create sought-after ‘big-box’ warehousing for storage and logistics operations.
Growthpoint industrial sector divisional director Engelbert Binedell says the Range Industrial Park development links well with Growthpoint’s opportunistic strategy to developments.
“Blackheath is a growing node with increasing demand. We have taken a functional asset and bolted down a new development. “The completed product has added underlying value,” Binedell says.
Munnik adds that an attractive feature of the Range Industrial Park is that it holds opportunities for expansion, which makes it the ideal platform to support businesses in their growth.