Deals reflect buoyant trading in northern areas.

Posted On Sunday, 06 October 2002 12:24 Published by
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ACTIVITY in the industrial sector in the high-growth northern suburbs and Helderberg areas has seen Golding Commercial Properties conclude three major property deals - two in Bellville and one in Gordon's Bay.
ACTIVITY in the industrial sector in the high-growth northern suburbs and Helderberg areas has seen Golding Commercial Properties conclude three major property deals - two in Bellville and one in Gordon's Bay.

The chief executive of Golding Commercial Properties, Peter Golding, says both these areas reflect buoyant trading activity, with positive spin-offs for the property market in terms of both leaseback and investment opportunities.

In the first deal a prominent commercial building comprising 12 000 square metres and situated on a large 30 000m2 site formerly occupied by Table Bay Spinners in Kasselsvlei Road, Bellville South, was recently sold for an undisclosed sum. The property is currently being redeveloped into an industrial park with space available for industrial tenants seeking areas from 600 to 2000m2.

The purchasers, a consortium of investors from KwaZulu-Natal, are investing additional capital in the region of R2 million in order to refurbish and totally revamp the property into 12 units, each approximately 1000m2 in size.

Mark Kenyon-Slade, who concluded these recent transactions, said: 'Such is the demand for space in the area that this industrial park is now 75%let. The rates are extremely competitive ranging from R8.50 to R10 per square metre.'

At Sacks Circle, also in Bellville, an industrial warehouse owned by the USA Brush Company and comprising some 7 000m2 has been leased to SA Nylon Spinners in a transaction with a total capital value of R3.5 million.

In addition, the centrally situated Gordon's Bay Spar, which comprises 1 500m2 of lettable space, was sold by Kenyon-Slade for R3.2m to an investor who together with current tenant and Spar owner Nick Neophyton, plans to revamp and upgrade this prime retail building - including the interior of the Spar store. Neophyton is well known to the residents of Gordon's Bay as a Spar trader.

Publisher: Weekend Argus
Source: Weekend Argus

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