Brisk bidding is expected for business park as Durban South grows
With the Illovo industrial precinct clearly set for more substantial growth in future, there should be strong interest in the auction of Illovo Business Park that forms part of the diverse offering of a major In2assets commercial property auction on June 20 at 11am.
The sale will take place at Durban Country Club.
Illovo Business Park, which is fully let, covers more than 57000m² and has potential income of close to R6million per annum.
Major improvements include an industrial development on three subdivisions, with various buildings, mini storage facilities and warehouses leased by national and international tenants.
The gross lettable area covers about 13000m², divided into six bigger industrial warehouses, 19 small warehouses, 95 self-storage units (with extra heights) and an office block with 10 small office suites.
There is a 2.7 MVA electrical supply, backed by two large generators, and “grey water” storage in JoJo tanks with a total volume of about 380000 litres. The current rental income is about R 5.8m.
Rainer Stenzhorn of In2Assets says the popularity of what is generally known as Durban South is constantly increasing with nodes such as Illovo, Kingsburgh, Imbogintwini, Isipingo, Prospecton and Jacobs now attracting industrial and commercial property investors.
“These areas house heavy to light industrial developments, dominated by the motor manufacturing sector and associated suppliers.
“Also active are industries closely associated to the Port of Durban. Illovo industrial precinct is part of this strategic region and has huge growth potential.
“The Department of Economic Development and Tourism, for example, recently announced plans for a R11.5billion industrial park on the banks of the Illovo River, to grow the car manufacturing sector in KwaZulu-Natal.”
For more details, email Rainer Stenzhorn at email@example.com.