Developments News

Spear REIT launches R400m industrial development in George

Spear REIT Limited has launched its latest industrial development in George, located on the corner of the R102 and R404, adjacent to the George airport.

GTX Park, situated within the Airport Business Park precinct, will comprise of 30 000m2 of light industrial space, split across nine sites. Commencement of phase one and bulk infrastructure is scheduled for the end of September, early October 2023.

The REIT’s total development cost for GTX Park, over a five-year period, inclusive of top structures, equates to R400 million.

We are very pleased to launch GTX Park and bring this exciting development to the city of George. This expansion aligns with our commitment to creating innovative and sustainable spaces, and efficient operating solutions for businesses to thrive, as the entire Western Cape remains a viable investment opportunity for us,” comments Spear REIT CEO, Quintin Rossi.

Rossi highlights the city’s strategic location, saying that George is fast becoming the mid-way point between the Eastern and Western Cape. It is only a 25-minute flight from Cape Town and just 1 hour and 40 minutes from Johannesburg, making it highly accessible and attractive for agri-logistics, oil and gas, logistics, residential development, commercial ventures, and call centres.

The recent signing of a lease agreement for a 3 000m² call centre further demonstrates the growing interest and potential in the area,” he adds.

The development will provide contemporary light industrial spaces tailored for purposes like warehousing, cold storage, distribution, and other ancillary industrial activities. The spectrum of warehousing solutions will encompass sizes spanning 300m² to 10 000m² and particular attention has been paid to the design, incorporating a variety of features such as varying heights from 10.5 meters to 15 meters. Additionally, the inclusion of spacious yard areas contributes to an all-encompassing and meticulously devised layout.

PV solar infrastructure and water augmentation solutions will also be included in the development framework. Baker Street Properties will be appointed as the principal letting agents for GTX Park.

George benefits from a well-managed, municipal environment which has fostered real investment in infrastructure and development projects.” 

A new state-of the art medical facility by Mediclinic, which is expected to be completed within two years further illustrates local government’s commitment to investing in the overall development of the region and this commitment to progress makes it an attractive place for investors to establish and expand their businesses,” he concludes.