Airport park sales climb to R16m-mark.

Posted On Sunday, 12 January 2003 10:01 Published by
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THE R500-million Airport City Industrial Park, launched by Storm Durr last year, has sold well and the developers now have over R16m worth of sales either committed or in the pipeline for the first phase.

Two of the major buyers to date have been Avis, who will take about 20 000m2, and Caltex, who will occupy a strategically placed petrol station site with 6 200m2. About 12 buyers, said Durr, are currently almost certain to commit.

Cape of Good Hope Bank is providing the project finance, which on this first phase will total R15m over 18 months. Richard Edwards, head of commercial property finance at the bank, said that land sales will be even better in the New Year when the security fencing, the guardhouse and the secure entrance will be complete. 'The security of this project,' said Edwards, 'is proving to be one of its big attractions.'

The developers are now nearing completion of R4m worth of civil engineering work carried out by Civils 2000. This includes roads, kerbs and stormwater drains. 'Work on the electrical services will start early next year and the transfer of the first plots is scheduled for March-April this year.

'At R180 to R220 per m2 (depending on the size of the erf),' said Edwards, 'the land is realistically priced and compares favourably with other areas in Airport Industria, very few of which are really secure.

'Storm Durr has experienced huge interest from airport service providers such as freight forwarding companies, car hirers and storage firms. There is also a strong interest from investors who realise that for a relatively small outlay, say from R1m upwards, they can secure a plot and erect a simple light industrial/warehousing complex on which good rents and good quality tenants will be assured.'

Edwards said that he expects phase one to be sold out by the middle of next year. The developers have erected a futuristic sculpted concrete structure at the entrance to Airport City to give the project its own identity and trademark. Please contact Storm Durr on 082 7741 578 for further details.

Publisher: Weekend Argus
Source: Weekend Argus

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