Retail units in demand in Jeffreys
2007-11-22 · Eastern Cape
Commercial investors are snapping up sectional title shop units in a Jeffreys Bay development.
"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," says Keimpe Weistra, area principal for Pam Golding Properties (PGP).
The 32-unit Loodspark Industrial Park is being planned in the main business centre of Jeffreys Bay. The units are priced from R399k for 75sq m to R999k for 193sq m.
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%. And, says property economist Erwin Rode of Rode & Associates, Port Elizabeth is beginning to reap the rewards of investor confidence as the city repositions itself as a growth node both in terms of industry as well as tourism.
"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 says.
He says Loodspark Industrial Park offers investors small and medium size units. The property has an industrial zoning, which offers opportunities for retail, light industrial, warehousing and manufacturing. Investors may also wish to purchase more than one unit in order to create large warehouse space.
The units will include 3x3 metre roller shutter doors for easy delivery access, and each shop will have a bathroom and kitchenette with cupboards. The floor covering of the shops will be painted concrete floors with inside walls smooth plastered and painted white, while the outside walls will be clinker brick for low maintenance.
The property will be secured by a 2,1m security wall with electric fencing and each shop will have a security alarm.
Image: Artist's impressions of the new shop units in Loodspark Industrial Park in Jeffreys Bay.
"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," says Keimpe Weistra, area principal for Pam Golding Properties (PGP).
The 32-unit Loodspark Industrial Park is being planned in the main business centre of Jeffreys Bay. The units are priced from R399k for 75sq m to R999k for 193sq m.
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%. And, says property economist Erwin Rode of Rode & Associates, Port Elizabeth is beginning to reap the rewards of investor confidence as the city repositions itself as a growth node both in terms of industry as well as tourism.
"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 says.
He says Loodspark Industrial Park offers investors small and medium size units. The property has an industrial zoning, which offers opportunities for retail, light industrial, warehousing and manufacturing. Investors may also wish to purchase more than one unit in order to create large warehouse space. The units will include 3x3 metre roller shutter doors for easy delivery access, and each shop will have a bathroom and kitchenette with cupboards. The floor covering of the shops will be painted concrete floors with inside walls smooth plastered and painted white, while the outside walls will be clinker brick for low maintenance.
The property will be secured by a 2,1m security wall with electric fencing and each shop will have a security alarm.
Image: Artist's impressions of the new shop units in Loodspark Industrial Park in Jeffreys Bay.
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