Oasis Crescent Property Fund has purchased two major industrial properties in the Western Cape for 21 million rand each in a deal brokered by Pam Golding Commercial (PGC), the property group has said.

According to Leif Eriksen, leasing and sales director of PGC, the two properties, situated in the Epping industrial area, were previously owned by a Port Elizabeth investor who wished to consolidate his investments in Port Elizabeth itself.

The first property is a 20,842 square metre warehouse in Moorsom Avenue in Epping, occupied by Seyfert Corrugated and the Coricraft factory, while the second property is a 20,212 square metre warehouse in Sacks Circle, Epping, tenanted by Carnoud Metal Box factory and Rennies Cargo Terminals. All the tenants in both buildings remain in place, with three tenancies having recently been renewed.

Comments Eriksen:  "There is an increasing demand for industrial properties, and these transactions were identified as significant investment opportunities. Being a conveniently situated, key industrial area, Epping is enjoying a strong demand for such properties, and with very little vacant space and limited land available for development, this is further boosting the demand and putting upward pressure on rentals."

I-Net Bridge
Publisher: I-Net Bridge
Source: I-Net Bridge