JSE-listed diversified real estate investment trust Redefine Properties (JSE: RDF) together with partner Abland Property Developers today officially announced the opening of the new public road which will improve accessibility to the 1.6 million sqm S&J Industrial Estate, situated along the N3 highway, south of Germiston.
The construction of Gosforth Road extension which commenced during 2017 was completed on schedule. The ZAR50 million road will be opened to the public at the end of September.
The greater S&J Industrial Estate spans an impressive 210ha and will cater for a variety of industrial and commercial uses. S&J offers excellent visibility and convenient access from and to the N3 and M2 freeways, making it ideal for logistics, manufacturing, warehousing and distribution and well as big box retail.
Tenants will be able to leverage the site's location and with the extension of Gosforth Road and construction of the new Europa street, benefit largely from the new road infrastructure. The new roads will alleviate traffic and complement the surrounding municipal network thus allowing for faster travel time.
"Accessibility is a key pillar to the success of S&J; with this in mind our professional team engineered a development masterplan that addressed historical inefficiencies experienced in older nodes," says Johann Nell, National Asset Manager, Industrial for Redefine Properties.
"The opening of the roads marks a significant achievement, not only for S&J, but for the greater Germiston and surrounding areas. Roads are the life-lines for development and brings people and businesses together. The new roads make S&J very attractive for companies in the logistics and warehousing sectors."
In addition to the investment in road construction just under ZAR80 million has been allocated to the provision of bulk sewer, water mains and the necessary substation to facilitate development.
At the estate, the construction of the first precinct guard house is complete with several parcels of land being readied for sale. Current negotiations include the outright sale of land, turnkey development sale, JV development deals and bespoke developments for leasing all totalling in excess of 150,000 sqm.
"In a regional context, the development brings much needed job opportunities, during and post construction. It also revitalises the area as it takes formerly under-utilised land and creates development opportunities which stimulate growth in the area," adds Nell.
Jupiter Extension 9 also known as Ganymede Precinct in extent of 13 hectares is the first phase within the S&J precinct to be released. As part of this precinct's establishment a land sale agreement for just over 53,000sqm has been concluded, the property will transfer by the end of 2018. Construction on the first two buildings in this precinct, with a combined GLA of 46,500sqm is planned to commence during the last quarter of this year.
"S&J will be one of the biggest industrial estates of its kind in Gauteng and South Africa. The new roads will ensure value appreciation in the area and allow businesses convenient access to major freeways," says Jurgens Prinsloo, Managing Director, Abland Property Developers.
"The tremendous interest in S&J validates our vision for the project. We have created a unique opportunity in the market for businesses looking to operate from an efficiently designed, well planned and well managed, secure industrial park, within an established node."