In one of the largest industrial leases negotiated in the greater Durban area this year, Africa Autonet SA has taken occupation of a 10 000m2 property at 1 Lerick Road, Jacobs.

The value of the three-year lease is more than R4 million, says Nanda Naicker of Old Mutual Properties’ commercial and industrial broking division which brokered the deal for the property owners, a Durban consortium.

“The property, which was the first Toyota building in Durban, has a large yard area, a key factor for Africa Autonet as vehicle importers and distributors.”

Carlene Kidwell, manager of Old Mutual Properties’ broking division, says the lease is a further indicator of an improvement in the industrial market in the greater Durban area.

“We have concluded a number of smaller leases on behalf of property owners, both in the CBD and the major industrial nodes, and are currently negotiating other large leases.

“As a result of the renewed interest and take up of space, asking rentals are being achieved.  The short supply of prime industrial space has led to good increases in achievable rentals.  We expect this to impact positively on the viability of new developments in the short to medium term.”

ends

ISSUED FOR Old Mutual Properties
BY Michael Kerkhoff & Associates

ENQUIRIES
Carlene Kidwell 031-304-3581
Mike Kerkhoff 021-424-5280