Nedbank Corporate Property Finance (Gauteng) today announced that it has funded and taken an equity stake in the development of a warehousing and distribution centre for a freight forwarding company, the 7540m² office and warehouse development is in Longmeadow Business Estate.

Shareholding in the development is 30% held by Nedbank Property Partners, with the remaining 70% being held by Griffin Developments.  Griffin Developments is owned by well-known property player Rui Nobre. 

The development will be tenanted by Rohlig Grindrod (Pty) Ltd for a period of ten years, commencing 1 June 2007.  The property is located in the very popular Longmeadow Business Estate in Modderfontein.  Situated along the N3 freeway and enjoying direct exposure to the N3 highway, it is built on the only land left in the Longmeadow business estate that has highway frontage.

Major tenants in the immediate vicinity include Pick ‘n Pay’s distribution centre, Nestle’s distribution centre, Khune & Nagel, Crown Relocations and Engen. Longmeadow is exceptionally well located from a logistical perspective and is the last of good remaining industrial space in this node.

Ken Reynolds, Divisional Director for the Gauteng division of Nedbank Corporate Property Finance said that Nedbank elected to get involved in this development due to the calibre of the people involved in Griffin Developments. “Rui has many years’ experience in commercial property ventures and has proven many times to be an adept investor.’

“Another positive consideration was the development itself – a blue chip tenant has been secured for the first ten years and the property is in a popular industrial park with highway frontage.  According to our research, there is a very high demand for property in this area and there is strong growth potential in Longmeadow.”
Longmeadow Business Estate is located within 10 - 20 minutes from Sandton, Midrand, the CBD, and O R Tambo Airport. It can easily be accessed from the N3 highway and has a good internal network inside the estate.  Access to the area is controlled via a security checkpoint.  The estate is managed by an owners’ association, which ensures that investments are enhanced through the monitoring of new developments, to maintain a high standard of aesthetic and architectural specification.

The tenant, Rohlig Grindrod (Pty) Ltd, is a joint venture between Rohlig & Co Internationale and Grindrod Limited that was formed in May 2000, and offers full freight forwarding customer groupage and logistical services.  Rohlig-Grindrod is represented in all trading centres across five continents through principal member Rohlig & Co, and is complemented by the Grindrod network and presence in SA.