New business park at Cape Town Airport

Posted On Monday, 18 February 2002 03:01 Published by
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THE Cape of Good Hope Bank has agreed to finance a new business and industrial park, Airport City, on which work is expected to start shortly.
THE Cape of Good Hope Bank has agreed to finance a new business and industrial park, Airport City, on which work is expected to start shortly. COGHB will also be making bond finance packages available to selected purchasers on the project.
The area to be developed has long been under the eye of various Cape developers following the almost complete sell out of earlier developments nearby. This project is the brainchild of Storm Durr and is being developed by Airport City Property Holdings, a consortium in which the Durr family controls the majority shareholding. Storm Durr will manage the company (as MD). The chairman is Sakkie De Klerk, former Springbok rugby player and chairman of ABSA Developments. The project management is being handled by Durmac Property Developers and M Huworth and Associates. The urban design and town planning are under the control of Urban Dynamics.
The site is one of the most conveniently situated and accessible in Cape Town, being between Borcherds Quarry Road, the N2 freeway to Somerset West, Thunder City and the airport runways. It has a total area of 66,6 hectares, which will be divided into 223 erven. Total land sales over the next five to eight years could top R180 million and are likely to result in a built-up infrastructure with a value of R1, 6 billion.
Phase one of the project now being launched will cover 168,300 m2 and will put 73 erven on the market with a value of R40 million. This section will incorporate a proposed service station and be fed by the southern road intersection on Borcherds Quarry Road. The first 40 erven will be ready for occupation in the third and fourth quarter of this year. Richard Edwards, head of Commercial and Industrial Property at COGHB said that the erven will vary in size from 1,000 m2 to 6,000 m2.
'The site', he said, 'has at least five big advantages: close proximity to the airport and Cape Town, easy access to the freeway network, a high profile position, the ability to draw on a large nearby labour pool who would not need transport to get to work and A1 security - because it will be security fenced and guarded round-the-clock.'
The area, he said, has already proved very popular with freight, car hire, warehousing and light manufacturing companies. The developers, said Edwards, will give landscaping and environmental issues top priority as they wish to make this the pre-eminent business and industrial park in the Western Cape. Architectural guidelines set out in a design manual by architects will ensure that no one unit can ever lower the standard of the project as a whole and there will be parks and lakes with pleasant green areas within the estate. The park areas and roads will be planted entirely with indigenous vegetation including Cape Ash, Wild Olives, Restios, Arum Lilies and Canary Creeper. A large R 150,000 land art feature by artist/sculptor Streidom van der Merwe has been commissioned. This will incorporate a fountain and highlight the entrance.
Storm Durr said that the prices in phase one will be around R230 per m2. This, he said, compares favourably with 11 other office parks surveyed by the development consortium, some of which are now either outdated, over built and congested or a fair distance from the Cape Town CBD. The big plus factors in favour of Airport City, said Durr, will be the landscaping and the security.
'We are determined to create a precinct with total security and will spend large sums to ensure it. We will have electrified and alarmed security fencing, swipe card access control, guards and patrols and TV camera surveillance. We will even include the N2 in our surveillance and monitoring.'
Civils contractor, Chianti Civils, is already handling R3 million worth of work on the site.Suleiman Titus, who has recently joined Cape of Good Hope Bank from Standard Bank Properties, will liaise with purchasers needing bond finance for both acquisition and development of their site.
Edwards, commenting on the record recent levels of lending at COGHB, said, 'We have lost none of our traditional caution in assessing projects, but we are, I think, increasingly popular with developers and bond seekers because we operate flexibly, with packages designed to meet each client's needs and no hard and fast rules. This can only be done if one has a thorough understanding of the Cape property scene, an in depth knowledge of property development and close ties with and understanding of developer's needs.'

Publisher: Cape Business News
Source: Cape Business News

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