Owner and operator of logistics and industrial parks, Inospace, has finalised the acquisition of a 32 000m2 industrial site in Edenvale, east of Johannesburg, for R35 million from Accelerate Property Fund – its 15th new site this year.
The asset, which will be acquired vacant, includes four stand-alone industrial stands and several warehouses measuring 14 000m2 under one roof. The acquisition represents a price of under R2 000 per square metre for a large warehouse and improvements as well as four vacant erven at under R200 per square metre, according to Inospace Chief Investment Officer, David Bernstein.
In February 2022, Inospace acquired a neighbouring property, Rutland Works, from Fortress REIT, which is fully let at R45 to R50 per square metre rental rates.
“Eastleigh has a solid and diverse SME sector of which Inospace has good knowledge,” explains Bernstein. “The asset offers strong asset management potential and the opportunity for repositioning through capex investment of R15 million to R16 million”.
The property will be repositioned into a serviced logistics park and rebranded as Eastleigh Exchange, whereafter, it will be integrated into the company’s growing network of branded sites and its refurbishment will include Inospace’s growing range of additional value-added facilities and services.
Inospace has been on an aggressive acquisition spree over the last twelve months. In August 2022, it acquired an industrial park in Midrand from Vukile Property Fund for R91 million. Eastleigh has increased the size of its portfolio to over R3 billion, nearly double its value at the beginning of the 2020 Covid-19 pandemic.
