Spear REIT has announced the launch of a new industrial development in George at a cost of R400 million over five years.
Located adjacent to George airport, the development, to be known as GTX Park, is situated within the Airport Business Park precinct, and will comprise a total of 30 000 square metres of light industrial space, split across nine sites.
Spear’s investment is in line with its focus on expanding its Western Cape property portfolio, and the project is expected to have a positive impact on the growth and development of the region.
Spear CEO Quintin Ross said in a statement: "We are very pleased to bring this exciting development to the city of George. This expansion aligns with our commitment to create innovative and sustainable spaces, and efficient operating solutions for businesses, as the entire Western Cape remains a viable investment opportunity for us."
The Eden District, where George is located, had seen a surge in interest from various industries, said Rossi.
He said George was becoming a mid-way point between the Eastern and Western Cape – it is a 25-minute flight from Cape Town and one hour, 40 minutes from Johannesburg - making it accessible and attractive for agri-logistics, oil and gas, logistics, residential developments, commercial ventures and call centres.
“The recent signing of a lease agreement for a 3000 square metre call centre further demonstrates the growing interest and potential in the area,” he said.
The development will provide light industrial spaces for purposes like warehousing, cold storage, distribution, and other ancillary industrial activities, with warehousing solutions spanning 300 square metres to 10 000 square metres and varying heights from 10.5 metres to 15 metres.
PV solar infrastructure and water augmentation solutions would also be included.
A new state-of the art medical facility by Mediclinic, expected to be completed within two years, further illustrated the local government’s commitment to investing in the overall development of the region, he said.
Spear focuses on owning Western Cape assets with a Cape Town preference. It listed on the JSE in November 2016 with assets under ownership of R1.4bn, a figure that has grown to R4.2bn.
BUSINESS REPORT