GROWTHPOINT Properties, SA’s largest listed property group with assets of more than R26bn, is rolling out a R90m warehousing facility in Meadowdale, Johannesburg.

The facility, which is being built for Barloworld Logistics, is part of the 125000m² Growthpoint Industrial Estate. Tyrone Govender, industrial divisional director at Growthpoint, says construction on the estate began last year with the development of a facility for Justine-Avon.

The latest development offers 17200m² with Barloworld occupying the building on a five-year lease.

Govender says Growthpoint is releasing estate developments on a phased basis with the next phase following the Barloworld development consisting of mini units totalling 26000m² and valued at R132m.

“After we have done all of this, it will leave about 70000m² to develop. That will be rolled out as and when it is required and when we conclude leasing deals,” he says.

The total development of the 125000m² estate could be valued at about R700m when it is completed.

The R55,5m hi-tech warehouse and office facility for Justine-Avon was occupied on April 1 this year.

Similar deals in warehousing and logistics space were expected, especially with the Fifa 2010 World Cup, “which will create extraordinary requirements for a diversity of businesses. This demand creates the opportunity to develop and invest in property assets now.”

Source: Business Day