Inospace has acquired an industrial park from Vukile Property Fund for R91 million.
The Midrand property was purchased at a rate of R4 200 per square metre, containing 21 330m2 of lettable area that offers space for small warehousing, logistics, storage, and light manufacturing. 92% of the area will be let to a mix of SME tenants.
Located across the road from Dischem’s head office and just under 5km away from the Mall of Africa, the park will be renamed ‘Allandale Exchange’ and refurbished with value-adding facilities.
Occupying a 4.5-hectare block of land in the heart of Midrand, Allandale is a bustling business node along the N1 highway between Sandton and Centurion. Midrand has experienced strong growth over the past decade, mainly due to the 2 200-hectare Waterfall City precinct by Attacq Limited. The market value of all completed buildings in Midrand is now estimated at between R50 billion and R60 billion.
“Midrand is a strategic nodal focus for Inospace. Our latest acquisition is in an excellent, high-profile location. We already have three other bustling logistics parks in the suburb and have seen strong rental demand in the area”, comments David Bernstein, Inospace’s newly appointed Chief Investment Officer.
Since the beginning of 2022, Inospace has acquired some 152 000m2 of industrial parks across 14 assets, representing a total investment volume of R826 million. Its latest acquisition produces a total annualised rental income of +- R17.5 million through 92 tenants.
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