Big rental discount enhances project’s appeal
SOMERSET West is underpinning its appeal as an industrial location with rentals for a new development pitched as much as 40 percent lower than those in other established nodes in greater Cape Town.
South Africa’s largest listed property company, Growthpoint Properties, has announced gross rentals of R30/m² for units at the recently acquired The Grove Business Estate in Somerset West.
“That is a substantial discount on rentals for new developments in areas such as Epping, Montague Gardens, Paarden Eiland and Airport Industria,” says David Stoll, head of Growthpoint in the Western Cape.
“The R30/m² rate is available for a limited period and compares favourably to rentals of similar units in Somerset West and other nearby nodes.
“This favourable rental can assist businesses in relieving some of the financial pressure affecting them in the current economic downturn while enjoying the modern facilities on offer at The Grove.”
Stoll says Somerset West’s attrac- tions, compared to traditional industrial areas, lie in its easy access to major routes, a pleasant and secure working environment and the proximity of a major labour pool.
“The Grove is adjacent to the Somerset Mall Triangle, a precinct that has benefited from professional urban design and innovative buildings. Although the precinct has seen considerable growth in retail, commercial and industrial sectors, it does not suffer the congestion associated with established industrial areas.”
Johan Grobler of Growthpoint, who is the leasing manager at The Grove, says the estate answers a need for quality facilities for warehousing and distribution use or light industry, with ample landscaping, good security and parking.
“It is conveniently located with easy access to the N2 and the R44 and within 20 minutes drive of Cape Town Inter national Airport,” Grobler said.
“Apart from offering excellent exposure on the N2, the properties are flexible and areas can be adapted to meet tenant requirements.”
MODERN FACILITIES: An aerial view of The Grove Business Estate in Somerset West.