R30m Dbn industrial property sold

A property in the industrial park complex near Durban has been sold for R30m providing an indication that the industrial real estate market in the Greater Durban area is still buoyant.

The property, in the Cedar Park section of the Riverhorse Industrial Park, was bought by Natal Stainless Steel.

Buildings designed according to the new owner's requirements are currently under construction at the site with Natal Stainless Steel expected to relocate there from its present premises in Brooklyn Road, Jacobs, towards the end of September. The company's new headquarters will be used for manufacturing, office and warehousing purposes.

Natal Stainless Steel needed bigger premises to cope with the increased volumes of business it was enjoying.

Peter Govender of MaxProp in New Germany said the sale of the land previously belonging to Moreland constituted one of the larger owner/user acquisitions in Riverhorse.

"While residential sales are down, the industrial market still has plenty of life in it," said Govender.

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