DEMAND FOR CAPE TOWN INDUSTRIAL SPACE PROMPTS R123 MILLION PROJECT

A R123 million project, to be known as Racecourse Gardens, has been launched
by Old Mutual Investment Group Property Investments to meet continuing
demand for large industrial space in greater Cape Town.


The development, on Racecourse Road in Milnerton and adjacent to Trade
Centre, will consist of 24 230m² of warehousing space, with offices. It
follows the rapid take-up of space in a recently completed R83 million
expansion of Phumelela Park, an Old Mutual industrial park in nearby
Montague Gardens.


This is the sixth industrial development to be undertaken over the last 18
months in the major centres by Old Mutual Investment Group Property
Investments, says Brent Wiltshire, the group?s property development
executive.


Two projects, costing R230 million, are under way in Jet Park, a popular
node near Johannesburg?s OR Tambo International Airport, he says.
In addition to the expansion of Phumelela Park, we have also completed a
tenant-driven development there. Mahogany Ridge Industrial Park, a R102
million project, was also completed earlier this year in Durban.

The rapid take-up at Phumelela Park ensured the Old Mutual industrial parks
in the Cape Town metro continued to be fully let, says Marco Bonafede, the
OMIGPI leasing consultant for Racecourse Gardens.

Racecourse Gardens will have quick access to major distribution routes such
as the N1 and N7 and be close to the harbour, Cape Town CBD and the northern
areas. With its location, and ability to accommodate large warehousing
space, Racecourse Gardens is a prime area for expansion, he says.

There will be four units, which can be split to meet tenant requirements.
They will range from 3 882m² upwards and will specifically cater for the
medium to large-scale user on which OMIGPI has focused in recent years. ?

The units will be built in line with international standards for A grade
warehousing space and will include well appointed offices of conventional
brick construction, says Bonafede.


Specifications include clear eaves heights to 8m for maximum racking,
power floated floors, insulated roofs, abundant natural lighting,
vehicular access through steel roller shutter doors, ample yard space and
substantial truck turning circles.


The development is expected to be ready for occupation in the spring of
2008.
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