The rising petrol price is said to be behind the increased popularity of decentralised mini office parks.

That is according to Park Village Auctions' Roy Lazarus, who reports a "distinct upturn" in the buying and selling of such properties.

"The niche market in greatest demand is clearly for buildings from 600m² to 1000m² in extent, which appeal to small enterprises.

"New and existing developments of this nature offer real alternatives to converted residential properties, particularly if they are already sectionalised or can be.

"I would define the ideal mini offices as comprising clusters of low-rise structures, high quality landscaping, complementary but not identical architecture, the obligatory water features, car parks, good security and self-contained amenities.

"The profiles of these developments obviously vary but typically include offices, restaurants, shops and other services with a community feel.

"Centres such as these are proliferating," says Lazarus.

"Their market appeal from an investment-auction standpoint has been enhanced considerably by rising transport costs, traffic congestion and associated tenants and customer needs in terms of easy accessibility."

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge