New CT and Gauteng facilities

CLIVE EMDON
ONE OF the last strategically sited large properties left in Cape Town, a 60ha site in Milnerton overlooking Table Mountain and the city, is being developed as a R2 billion business park, says Improvon’s marketing manager, Grant Lewington. According to Lewington there is huge interest in the development – bought from AECI - which he describes as ‘a developer’s dream’. Besides its imposing view, it is close to the Montague Gardens industrial area and is accessible to rail, road and air transport infrastructure. The property is zoned for “mixed use” and the proposed park will have a combination of industrial and retail elements. Lewington said that this five-year project would be launched in May with co-owners Diversified Property Fund and Acucap Properties. Simultaneously with the Cape Town launch, Improvon in conjunction with Capital Property Fund and Acucap Properties will launch a R600 million Gauteng development called the N1 Business Park, at Kosmosdal. This 35Ha property has huge warehousing and logistics potential as it is situated in the fast-developing, new warehousing complex just off the N1 highway near the distribution facilities for Woolworths
(81 000m²), Shoprite Checkers (100 000m²) and New Clicks
(40 0000 m²), says Lewington. Improvon expects to build 125 000m² of warehousing with offices on the Kosmosdal site over the next three years. The initial development phase will include a gatehouse and security kiosk, laying on power and water, communications infrastructure and securing the perimeter of the park. Two new warehouses, with offices, providing 11 000 m² are currently being built. One of the buildings for BPB Gypsum will comprise 7 000 m². Improvon has a property portfolio valued at R800 million comprising mainly blue-chip industrial tenants, says Lewington.