Growthpoint Properties and Takealot have signed a lease for an 11 600m2 warehouse in the well-established industrial area of Montague Gardens in Cape Town.
The Chain Avenue warehouse building spans more than 12 000m2 and the online retailer will use most of the area excluding 450m2 of office space.
The new lease agreement extends the REIT’s relationship with Takealot in the Western Cape with Growthpoint the co-owner of Takealot’s large flagship distribution centre in Montague Park, Montague Gardens – only a few blocks from the overflow warehouse.
Besides being an ideal location for Takealot, the overflow stock warehouse provides several operational and cost benefits and Growthpoint’s building enables the online retailer to put the plug-and-play warehouse space to use immediately. Takealot began operating from the Chain Avenue warehouse in August 2021.
“We are pleased to provide Takealot with a warehouse in affordable premises at a strategic location for their operations and to do so with the agility that comes with partnering with fast-moving, blue-chip businesses. From initiation to occupation, the whole deal took Growthpoint and Takealot a mere month to finalise. It is a pleasure working with them. Takealot’s expansion is extraordinary, and we are proud to be part of it,” says Timothy Irvine, Growthpoint regional asset manager for the Western Cape.