PROPERTY: Industrial Park Spurs Growth in Paarl
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Redefine Income Fund is helping to boost Paarl’s economy through its development of Berg River Park – the town’s first fully secure industrial park. Redefine purchased the 36,000m2 property and, utilising Madison Property Fund Managers as the development manager, has refurbished the buildings to create an attractive industrial park which is already substantially let.
The premises were originally home to the Berg River Textiles factory which closed its doors some time ago, leaving a number of people out of work. The reduction of British American Tobacco’s SA operation nearby exacerbated the situation.
Redefine purchased the vacant and derelict buildings on the site and set about refurbishing them. Brian Azizollahoff, CEO of Redefine, comments: “This is a good example of the way in which a responsible corporate can help restore an area like Paarl to its former glory, and help the community in the process. As the owner and developer, Redefine’s rejuvenation of the site represents a long term investment into the community,” he adds.
Employment has been created during the development process for several Paarl-based contractors including J van der Sluys – the main contractor, Africon’s local branch – responsible for structural work, and medium sized empowerment contractor Shaheed Mia.
Daryl Sher, Development Manager for Madison Property Fund Managers, explains that the park is being redeveloped to tenant-specific requirements. “We are catering for tenants in the motor industry, the agricultural sector and heavy manufacturing as well as providing offices, retail and social amenities and even sports facilities such as action cricket and gym,” he says. The latter is being developed in partnership with Pieter de Villiers. A restaurant, which will serve the needs of the community as well as employees of businesses in Berg River Park will also be created.
Some 30,000m2 of the park has already been let. Betafence South Africa (Pty) Ltd, a major tenant, has taken 8,000m2 on a 10 year lease. Betafence SA is part of Belgium-based Betafence NV – a world market leader in perimeter fencing, access control and wire mesh products.
Berg River Park has substantial electrical rights – some 11MW. “Once the park is fully let, Redefine intends to give some of the electricity allocation back to the grid to assist with the electrical shortage,” says Azizollahoff. Backup is available to client specification.
Modern business units in this secure development offer excellent floor-to-ceiling-height for stacking purposes, and have 24 hour security. The refurbishment has made access to large trucks as easy as possible and plenty of parking is provided for both tenants and clients. The landscaping uses local flora, making it more water efficient, and all irrigation will be from natural rainfall only.
The park is perfectly situated between Cape Town and the Boland, its position central to the surrounding manufacturing aF0nd agriculture in these areas. Situated on the R303, Berg River Park offers easy access to the N1 and the R45.
Redefine’s commitment to the Western Cape goes much further than its investment in Paarl. Redefine is owner of a number of landmark properties in the province including the iconic Convention Tower, which stands proudly at the gate to Cape Town’s foreshore adjacent to the Cape Town International Convention Centre. It also owns the Standard Bank building in Cape Town’s CBD as well as the burgeoning CTX Freight Park next to the Cape Town International Airport and recently acquired Sable Square, neighbouring Century City, which is currently undergoing a tenant mix upgrade and redesign.
The leading JSE-listed company also has a number of social investments in the Western Cape. It is a major sponsor of the Redefine Income Fund South African Music Education Trust Western Cape Project, which teaches underprivileged children to play classical music instruments and nurtures their talent.
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