Property development and marketing company, Abacus DIVISIONS, has announced that has sold all the stands –totaling more than 123 000 square metres -at its recently launched Rietvlei Industrial Estate, raking in a total of R105 million.
Said Org Geldenhuys, managing director of Abacus DIVISIONS: “It has been an absolutely phenomenal start to the New Year-and this just shows how popular industrial stands are right now. The industrial market is pushing growth in the commercial property market.
“But to sell out R105 million worth of stands, in just a few weeks, signals that perhaps we are coming out of the property doldrums – and points to the fact that the greater Irene area is a highly popular one with developers,” said Geldenhuys.
He said these sales followed on the R50 million in pre-sales commitments made by December 2013. “But, in the New Year, things picked up -way beyond our expectations.”
He said the company even has a waiting list of interested buyers, in case some buyers “opted out for various reasons”.
The rapid fire sale of Rietvlei Industrial Estate comes hot on the heels of the sale of all 19 sales at the recently launched boutique office park in Irene, Quattro Fontane.
“We are facing big and interesting times in the greater Irene area. There are a number of leading property developers getting ready to develop approximately 500 000 square metres of bulk in the greater Irene area. The development rights on the Irene land had now been approved and is ready for phased development.”
The overall development is named Irene Central and, once developed, total investment costs should be around R10 billion. The land to be developed is mixed-use said Geldenhuys, including offices, warehouses, industrial parks, residential, educational centres and hotels.
In terms of the height of structures, rights have been approved for buildings ranging from two stories to 10 stories – depending on the area.