PROPERTY: Ingenuity Hits The North
Recent Western Cape Business News
PROPERTY group Ingenuity is continuing to diversify away from its initial focus on Cape Town with another acquisition in the Northern suburbs.
Ingenuity will – effective April this year - buy a number of properties situated in an area unimaginatively titled Units 1 to 6 at 142 Edward Street in Tyger Valley for R32 million. While the property sounds fairly non-descript, the figures do add up to something that looks more attractive. There are 2 592 sq m of gross lettable area, that is forecast to generate R3.9 million in property income in the year to end March 2012.
The acquisition is Ingenuity’s third major deal in Tyger Valley.
Ingenuity’s flagship property in the north is the Santam Head Office in Tyger Valley.
In the last financial year Ingenuity opted to construct another 50 parking bays with the property leased to Santam until December 2017.
Ingenuity is also starting construction of a further 12 900 sq m of offices and 581 parking bays at the Santam HQ. Total development costs at this property will top R260 million.
Ingenuity also owns erf 38746 in Tyger Valley.
Marketing of the development of this site is ongoing. But this development appears to be plodding along.
Ingenuity’s last annual report noted that during the current year very little interest has been shown from prospective tenants.
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