PROPERTY: Gautrain Progress Generates Property Interest
Recent Gauteng Business News
“The Gautrain rail is being constructed to the immediate west of the property, with the station being a huge structure rising out of the ground and extending over the Old Pretoria Road. Not only will this provide good exposure for the development site, which is visible from the Gautrain and just 700m from the Olifantsfontein/Ben Schoeman Highway (N1) interchange – a traffic controlled intersection – it also translates into quick and easy access for those working in this area. In addition, this entire Olifantsfontein/Old Pretoria Main Road intersection is to be modernised and reconstructed, which will further improve access,” says Klimek.
The development site is centrally situated between two major roads, Austin and Allan Roads - both of which are to be upgraded – and the site also has good accessibility to all major highways.
Klimek says while the property has commercial rights for offices, showrooms, warehousing, wholesale and assembly, the site in Glen Austin, is well suited to a spacious, landscaped office park, which could comprise primarily office accommodation as well as small distribution and warehousing space as has been successfully applied in the model used for Randjespark, also in Midrand. JHI is marketing the Glen Austin development site at R250 to R300 per square metre, which compares very favourably with surrounding properties.
“As the Gautrain stations take shape, attention is being increasingly focused on proximity to this major new transport route for convenience of employees in the business sector, as well as their customers/clients. The close proximity of this development site to the Midrand Station is key, particularly as this station is one of only eight Gautrain Stations on the north/south line running from Hatfield in the north and Park Station in the south,” says Klimek.
Neighbouring properties are all earmarked for low density, low rise office developments, while land on either side of the Gautrain route is intended for high density offices. To the east of the development site the land – currently zoned agricultural – is earmarked for high density residential accommodation such as flats. This will result in many more people residing in the area, providing a source of labour as well as housing for those employed by businesses in the area.
Old Mutual’s Zonk’Izizwe town centre - set to include residential, hospitality, retail and office property as well as rights to a 250 000sqm shopping centre and which is also planned to incorporate the Midrand Gautrain Station, will further strengthen the opportunity for development along this key node and has the potential to impact positively on the property market and property values over the medium to long term.
In addition to this development site, JHI are marketing light industrial space comprising warehousing and offices in the newly renovated and well-secured Tilbury Business Park in Randjiespark Extension 30, situated on the corner of the Olifantsfontein off-ramp and Old Pretoria Main Road in Midrand with easy access off well-known 16th Road. The sizes of units range from 360-1546sqm and the rental rate is R38 per square metre.
Business News Sector Tags: Property|