Industry NewsUncategorized

Richmond Park – Milnerton – Industrial Property

Property investor and developer, Atterbury, has broken new ground with the start of the internal works at Richmond Park in Milnerton, for the first of two property developments on the site of the biggest land restitution settlement in the Western Cape.

“The first two developments at Richmond Park will be for CTM and Cape Fruit Coolers. These deals have triggered the start of the internal services installation and allowed us to appoint Burger and Wallace as the contractor for this portion of the work in Richmond Park,” says Gerrit van den Berg, who heads Atterbury’s Western Cape operations.

Richmond Park is a multibillion rand mixed-use property development by major shareholder Atterbury and partners the Richmond Park Communal Property Association (CPA), Qubic 3 Dimensional Property and Bethel Property.

One of the largest property developments in Cape Town, Richmond Park’s 300 000m2 of greenfields development rights are on an 84ha site that is part of the milestone land restitution settlement.

The land is owned by the Richmond Park Community who were forcibly removed from it between 1972 and 1984. In 2014, the land was transferred back to the community, consisting of about 400 families representing 5 300 people spanning five generations. The Richmond Park Community leased the land to the Richmond Park Development Company and has a 25 percent shareholding in the development company.

“It has been an eight-year journey since winning the tender. The development at Richmond Park is entering its next phase and this vision is becoming a reality,” says van den Berg. “The project has enjoyed tremendous support at metropolitan and provincial level and, of course, from the CPA. Together we have worked tirelessly for this ambitious scheme to take shape.”

Cape Fruit Coolers’ site spans 3.5ha on which a 17 000m2 facility will be developed in phases, to expand its business. Van den Berg says Richmond Park provides the ideal location for its additional facility, with easy four-lane road access from the N7 and N1, and the ability to accommodate the trucks essential for the operations of this service provider to the fruit exporting business.

“CTM, the tile, taps and bathroom brand, has acquired 9 500m2 of land at Richmond Park. Its new 5 000m2 retail and distribution centre keeps it close to customers with the benefit of superb visibility from its N7 highway frontage and excellent access,” says van den Berg.

The preparation of both sites began on August 1 and is expected to be completed in March 2017. The top structure for Cape Fruit Coolers is expected to be completed by November 2017 and CTM by May 2018.

The deals, which are among only a handful of sales opportunities at Richmond Park, are expected to be a catalyst for further development.

“Now the ball is rolling, we expect Richmond Park to develop rapidly. There are already a number of deals in the pipeline that we hope to announce soon,” says van den Berg.

“In the current economic climate, many businesses are focused on becoming more productive and seeking greater efficiencies from their offices, showrooms, warehouses and facilities. Richmond Park is perfectly timed to support this.”

He says Richmond Park provides businesses with a commercial park in a good location with retail, light industrial, offices, logistics and warehousing development. It is a dominant business site on the N7 with good access.

“What’s more, the community benefits,” says van den Berg. “Job creation is just one of the ways the Richmond Park community will benefit. Over the next five to 10 years, during its construction, Richmond Park’s development should create about 15 000 jobs. Already, 120 people have graduated with new skills as part of the Richmond Park Treasury Trust skills development programme and more than 30 employment opportunities have been created so far.”

Source : Atterbury Property