Emira Property Fund is set to complete the total refurbishment of its 9,800sqm warehouse facility superbly located in the popular industrial hub of Denver, Johannesburg, by March 2019.
The leading JSE-listed REIT is investing R8.2 million in the major revamp project, which will bring the industrial property on this prime site on the corner of Mimetes Road and Kruger Street to the forefront of modern business accommodation.
"By refurbishing our Denver warehouse Emira is furthering our strategy to improve the quality of our assets. This property is part of our core portfolio because it has great fundamentals in place; an excellent location in an established industrial area, easy highway access, security, and ample electrical power. Now, with this upgrade, we are refreshing the building to support the latest warehousing and business operations," says Ulana van Biljon, Chief Operating Officer of Emira Property Fund.
When the refurbishment project is completed the facility will offer conveniently positioned modern warehousing of nearly 9,800sqm. The new building will comprise some 1,000sqm of contemporary offices with an eye-catching new entrance. A new courtyard will bridge the offices and the 8,800sqm warehouse. Both offices and warehouse will be fitted with energy-efficient lighting to lower occupancy costs at the facility.
The entire building will boast a striking new façade including unusual linear feature lighting, making it a landmark for its area.
The upgraded warehouse property will have its own new gatehouse positioned at a reconfigured entrance point with electric gates, supporting both security and ease of access. New parking canopies are being installed to cover 86 of the 120-plus parking bays. New fencing will surround its entire perimeter. It will also benefit from a water-wise landscaping makeover.
Making the refurbished, modern Denver industrial facility even more attractive is its affordable rental and generous tenant allowances.
"Our upgraded Denver warehouse offers a modern and affordable position in a convenient location," notes van Biljon.
Emira is a medium-cap diversified REIT that is invested in a quality, balanced portfolio of office, retail, industrial and residential properties. Its directly held assets comprise 104 properties valued at R12.5bn and indirectly 22 shopping centres valued at R1.04bn through its exposure to Enyuka Property Fund. It also has a 34.9% holding in JSE AltX-listed Transcend Residential Property Fund. Emira is internationally diversified through its investment in ASX-listed Growthpoint Properties Australia (GOZ) valued at R956m, and its equity investments in five grocery-anchored convenience centres with a combined value of USD45m through its USA subsidiary.