September 4 2023
Spear REIT Limited, the Western Cape REIT, has announced the launch of a new industrial development in George. Located on the corner of the R102 and R404, adjacent to George airport, the development, to be known as GTX Park that is situated within the Airport Business Park precinct, will comprise a total of 30 000m² of light industrial space, split across nine sites. Phase one’s bulk infrastructure is scheduled for the end of September, early October this year.
Spear is a Western Cape property investor. Real estate investment trust investors who want specialised investment options have chosen Spear. The total development cost for GTX Park, over a 5-year period, inclusive of top structures, will be R400m.
Quintin Rossi, CEO of Spear, said the fund had found value in well-placed industrial and office assets in the Cape.
“We are very pleased to launch GTX Park and bring this exciting development to the city of George. This expansion aligns with our commitment to creating innovative and sustainable spaces, and efficient operating solutions for businesses to thrive, as the entire Western Cape remains a viable investment opportunity for us,” said Rossi.
The Eden District, where George is located, has become an increasingly popular as a work and live space. and has witnessed a surge in interest from various industries. George is the mid-way point between the Eastern and Western Cape and is only a 25-minute flight from Cape Town and just one hour, 40 minutes from Johannesburg which makes it highly accessible and attractive for agri-logistics, oil and gas, logistics, residential developments, commercial ventures and call centres.
“The recent signing of a lease agreement for a 3000m² call centre further demonstrates the growing interest and potential in the area,” said Rossi.
The development will provide contemporary light industrial spaces tailored for purposes such as warehousing, cold storage, distribution, and other ancillary industrial activities. The spectrum of warehousing solutions will encompass sizes spanning 300m² to 10,000m² and particular attention has been paid to the design, incorporating a variety of features such as varying heights from 10.5m to 15m. The inclusion of spacious yard areas contributes to an all-encompassing and meticulously devised layout.
PV solar infrastructure and water augmentation solutions will also be included in the development framework. Baker Street Properties will be appointed as the principal letting agents for GTX Park.
The uptick in development activity in George which has been absent for some time makes GTX Park and the greater Airport Business Park district an ideal location for businesses looking for strategic positioning with access to transportation routes and key amenities.
A new state-of the art medical facility by Mediclinic, which is expected to be completed within the next two years, shows the local government’s commitment to investing in the overall development of the region and this commitment to progress makes it an attractive place for investors to establish and expand their businesses, said Rossi.
alistair@propertyflash.co.za