Reports that since the launch of the new Rivergate Industrial area, situated adjacent to one of the fastest growth points in the Western Cape, a total of 44 industrial properties have been sold within eight months of being put to the market, equating to a land sales value in excess of R140m.
Phase 1A-1 of the Business Park, comprised 30 mixed-use light industrial sites that were sold out within three weeks of going to the market, together with an 8ha site that was purchased by a large user.
Roads and services to the first phase have now been completed and handed over by the JV (joint venture) to the City of Cape Town and the first transfers have taken place. A “flurry of construction activity” has taken place, as the first factories in Rivergate Industrial Park start coming out of the ground.
The erecting of the perimeter walling to the Business Park, together with electric fencing and CCTV camera surveillance have been completed, with gate house built at the single entrance point to the Industrial Park, together with the instillation of fibre optic backbone and ducting to each property.
Purchasers have to comply with the development commitment, whereby all improvements are to be erected within four years of date of first transfer.
The second and final phase of the Business Park has recently been put to the market following the phenomenal success of Phase 1 and comprises a further 33 mixed-use light industrial plots, ranging in size from 800 m² – 6,700 m². These industrial erven allow for a bulk factor of 0.65 and are priced from R 1397.00 to R 1801.00 p/m² excluding VAT .
In addition to the limited opportunities still available to the smaller user within the secure enclave of the Rivergate Business Park, there are a few opportunities that are still available for the larger industrial user within the Rivergate Industrial zone.
The Rivergate development is yet another successful development to be launched by the Joint Venture partnership, comprising the land owners, Milnerton Estates Ltd. and the Aska Property Group (Pty) Ltd.
Rivergate Industrial Park is located north-east of Tableview, east of the Atlantis railway line and straddles the new Sandown Road precinct, providing direct access via Malibongwe Boulevard (M12) to the N7, the N1, greater Cape Town and to Cape Town harbour and the airport.
The newly opened Sandown Road precinct has already been acknowledged as the “northern gateway” into the suburbs of Tableview, Parklands, Parklands North, Sandown and Sunningdale, besides providing the much-needed east-west corridor, linking the R27 West Coast Road to the N7 freeway. In the future, Sandown Road is designed to be duelled so as to incorporate the northern loop of Cape Town’s new MyCITI” integrated rapid transport bus system.
Rivergate has been designed to capitalise on those land uses that seek locations along major arterial routes, such as Sandown Road and Malibongwe Boulevard, in close proximity to a regional urban node, being the future Rivergate commuter railway station and surrounds, which abuts Rivergate to the west. Consequently, Rivergate is a mixed land use development, with a commercial strip on either side of Sandown Road, with a business and light industrial area to the north of the commercial strip.
Added to the already successful development of River Gate, the new addition to the north of the precinct is Pegasus Park, which will be staged in phases 1 to 4 totalling 13.76ha, phase 1 consisting of approximately 14 erven. This development will have a zoning of Mixed Use 2 ( MU2)as well as Transport Zoning 2 ( TR2 ), access from either Rivergate Drive or Enterprise Way. The development will have visually permeable electrical fencing, CCTV cameras, landscaping and security kiosk.
Source : CBN – AKK