GROWTHPOINT Properties is launching the third phase of its hi-tech industrial estate, Scientia Techno Park, in Pretoria’s eastern suburbs, due to strong demand.

The third-phase launch comes less than six months after the second phase of the development was announced.

“Demand has been so phenomenal that we extended the construction contract to include a third phase before the end of the year,” says Tyrone Govender, industrial fund manager at Growthpoint, the largest listed property company on the JSE, with property assets worth more than R15bn.

The second phase of the development, launched in July, is already 90% let at rentals higher than expected.

The R13,9m third phase, being developed by Investec Property Group, which manages Growthpoint, is scheduled for completion by the end of the year and will bring more than 3000m² of new space on to the market. This will bring the total gross lettable area at the park to more than 10000m².

Growthpoint says a key location advantage of the third phase is its “excellent exposure and frontage” on to the N4 highway.

Scientia Techno Park is targeted at the high-end, hi-tech user. The park has attracted retail warehousing and hi-tech operations.