INFRAMAX Developments has, in a joint venture with Colin Plit, purchased the 9 900m2 Sunrise Park complex on Sunrise Circle at Ndabeni for an undisclosed amount.
The deal has been funded by Nedbank Property and Asset Finance. The building, which dates back some 60 years, is a true Cape landmark.
For years it hosted the Humphries Sunrise Toffee factory. John Weaver, executive director of Inframax Developments, says the purchase is exactly the kind his company likes to make "because the building has potential for upliftment and for add-on value improvements".
These, in turn will strengthen the tenant mix and yield. Plit, who negotiated the deal with the help of brokers McKellar-Basset Properties, Maxiprop and Jeff Morock, says the building is well located and enjoys excellent exposure to the large volume of traffic on Sunrise Circle, a well-known Cape Town landmark.
It is also close to the CBD, the harbour and a railway station and provides easy access to the entire Cape freeway network. Sunrise Park, he says, is a convenient work destination for the residents of Pinelands, Rondebosch, Parow and Goodwood.
The complex is currently fully let and has 26 tenants. Weaver says the range of tenants includes firms working in the bar code machine industry, food packaging, granite counter tops, courier services, printing, auto electronics and furniture upholstery. A big advantage of this building, he adds, is that it is ideal for manufacturers and distributors who want to run a retail outlet of the factory shop type.
A further advantage is that it has office space attached to the industrial and warehousing areas and the current sub-division makes it possible to accommodate large and small tenants. The premises are enclosed by perimeter fencing and guarded, but Inframax plans to upgrade security.
Ample parking is provided. Weaver says maintenance of the building has in recent years been less than thorough and Inframax will have to initiate a large repair, redecoration and upgrading programme which will reveal the building's inherent good points.
"Coming from the Cape Town side, the large portal frames make this an interesting structure, one which our architects will, I think, be able to use to create a greatly improved facade."
The upgrading should be complete by the end of the year.
"At least two other industrial buildings in the area have already been converted to mixed use and this indicates that the Sunrise Circle precinct is becoming a popular warehousing/trading retail area and is no longer dedicated purely to industry. We therefore feel that we have bought in at the right moment and that this is a purchase which will in time prove extremely valuable to us."
For further information contact John Weaver on 021 686 0220
Publisher: Weekend Argus
Source: Weekend Argus
New owners plan add-on upgrade for Sunrise Park complex
Posted On Monday, 02 February 2004 02:00 Published by eProperty News
Sunrise Park complex purchased.
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