Growthpoint Properties have acquired the newly developed Grand Prix Park in Gosforth Park, Germiston for R140 million.
Growthpoint recognised the potential of the 18 000m2 industrial park and agreed to acquire it from the developer on completion. This was on condition that the final product was of a suitably high standard and at least 75% let.
Completed in late 2019 and two years after discussions began, the property was transferred to Growthpoint in June this year.
The park’s seven different units vary in size with most ranging between 2 000m2 and 2 800m2. Each unit is self-contained with its own entrance, secure yard, parking, and landscaping and all units include an office component and feature sprinkler fire protection.
Grand Prix Park’s tenants include Allied Mineral Products SA, the park’s biggest tenant across two units as well as Simmons SA and Consumer Package Goods (a division of Imperial Logistics). The largest unit is freestanding and occupied by Gunnebo, measuring 3 800m2.
“We felt that this property was well located in a good industrial node with easy access to superior arterial links connecting with the N17, N12 and N3 highways. Its size and location make it especially well-suited for secondary logistics and light industrial users. Growthpoint is highly selective when considering properties to grow our industrial portfolio. We are confident that Grand Prix Park is a good match for our strategy and an asset that will enhance our portfolio” remarked Errol Taylor, Head of Asset Management: Industrial at Growthpoint Properties.
An appealing factor for Growthpoint was the wide range of businesses for which the facilities would be well suite due to being industry-agnostic and flexible. The size of the units makes them stand out in the market, being bigger than standard maxi-units yet less expensive than highly specialized, massive distribution centres.
Growthpoint Properties is significantly invested in industrial property in Germiston and Ekurhuleni. Earlier this year, Growthpoint and Serra Services achieved Gauteng’s first Green Star Existing Building Performance (EBP) rating for an industrial building, with a 5-Star certification for a 7,400sqm facility in Meadowbrook, Germiston. Serra’s premises are directly adjacent to Growthpoint’s award-winning 5-Star Office Design v1 certified Grundfos development.