By Bianca Capazorio
A limited supply of light industrial space in the growing seaside town of Jeffreys Bay has seen a huge demand for space in the Loodspark Industrial Park development.
The 32-unit development is planned for the main business centre of the town, with prices ranging from R399 000 for 75m² to R999 000 for 193m². “The limited availability of light industrial and retail space in the Port Elizabeth area and Jeffreys Bay in particular, is seeing a surge in demand for these units,” said area principal for Pam Golding properties, Keimpe Weistra.
According to the latest Rode Report containing quarterly property market analyses, Port Elizabeth‘s industrial rentals show double-digit growth at 28%, by far the highest in South Africa, with Durban following with 19%.
Property economist Erwin Rode of Rode & Associates said Port Elizabeth was beginning to reap the rewards of investor confidence as the city repositioned itself as a growth node both in terms of industry and tourism.
Jeffreys Bay is also reaping the rewards.
“Investors in this development are buying on the back of a three-year, 30% annual growth in rental rates of commercial and industrial properties in the Jeffreys Bay area.
“The demand for small and medium retail and light industrial space is evident from the fact that there is currently no available space in the Loodspark industrial area. Once this property is developed there will be no further available vacant land in Loodspark to develop,” Weistra said.
The Herald
Publisher: I-Net Bridge
Source: I-Net Bridge
