Broll has announced the conclusion of three large-scale property deals in Cape Town. With a combined value of R128.5 million and spanning 33,700sqm of prime commercial property, the deals include the ABSA Building N1 City, Omupark in Epping and 3 Rusper Street in Maitland.
Acting of behalf of Capital Property Fund, Broll acquired the Omupark warehouse in Elliot Avenue, Epping for R66.5 million from the Old Mutual Triangle Fund.
Sean Berowsky, Director at Broll’s Investment Broking Division, says: “Capital Property Fund was attracted to the warehouse park, comprising some 20,000sqm, as it meets its investment criteria and is close to its existing Epping properties.
He adds: “This creates further synergies for Capital’s existing tenant base in the area and supports its active management of the park.”
In Maitland, Broll facilitated the R50 million sale of the 12,500 sqm 3 Rusper Street warehouse to the Western Cape Department of Transport and Public Works on behalf of a private seller.
The department’s current facility is in the Cape Town CBD and is due to be renovated in the coming months. The warehouse will be used by the Department as a vehicle parking facility.
Broll also sold a 1,200sqm ABSA Building on behalf of listed Arrowhead Property Fund to Pathcare for R12 million.
“This key property was deemed to be non-core for Arrowhead on a long-term basis,” notes Berowsky. Pathcare acquired the property for its strategic expansion in the N1 City precinct.