Redefine & VDMV secure prime Brackengate property
Redefine Properties is now the majority shareholder of Brackengate 2, one of the most valuable tracts of land for commercial use in the Western Cape.
The property, situated along the R300 freeway near the Brackenfell CBD and linking into the Golden Triangle, enjoys multiple access points. These include the N1 and N2 national routes as well as the R101, R102 and Bottelary Road, all of which are secondary routes linking the major industrial and business districts around the northern suburbs of the Cape Town Metropolitan area.
Redefine will partner with local property owner and developer Van der Merwe Venter (VDMV) to unlock and develop the full potential business opportunity identified within the Brackengate node.
The joint venture will capitalise on Redefine’s position as one of the largest JSE-listed companies with a market cap of R48 billion and VDMV’s experience in the development of Northgate and Brackengate 1. The partnership provides the resources and the skills to develop a diverse offering of DIY retail space for wholesale and niche enterprises, as well as logistics warehousing in a single business precinct.
The economic rationale for Brackengate 2 is underscored by the ever increasing number of residential developments in the greater Brackenfell area.
Johann Nell, Redefine’s National Asset Manager – Industrial, says: “Brackengate 2 comprises of three individual land parcels namely Mainland, Stikland and Triangle. We are currently pursuing various opportunities in developing `big box’ retail space that is suitable for the DIY and home improvement sector. Adding to `big box’ retail that is expected to secure 20% of the 495 000sqm, the balance of the Mainland precinct is set to harbour high eave logistics warehousing with a specific focus on FMCG and Cold logistics.
“The Stikland precinct has been earmarked for disposal, measuring 165 000sqm with erven varying in size from 1 000sqm to 7 500sqm, including one parcel of 41 000sqm. This puts us in a position to develop for disposal for various size users. We anticipate that the Triangle land, which measures 47 200sqm, will be suitable for the motor trade. We will engage with domestic and commercial brands in due course to ascertain the best use of this highly visible stand.”
Xander Rau, Regional Development Manager, says Redefine Properties has partnered with the City of Cape Town for the development of the new on and off-ramps linking up with Bottelary Road, thereby unlocking Brackengate 2 and surrounds to the R300 and N1. “Brackengate 2 is a strategically located business node, easily accessible to customers wishing to operate outside the traffic congestion zone identified by traffic engineers as being confined closer to the western seaboard and N7 motorway.”
Tenants will have 24-hour security, perimeter fencing and access to a vast labour pool from nearby communities. Brackengate 2 offers access to major national routes, the airport, Cape Town harbour and the nearby towns of Paarl and Stellenbosch.
Johann says the R108 million acquisition of Brackengate 2, and subsequent development of more than 50% of the land, aligns with Redefine’s focus on gaining good quality, well-located modern, industrial properties. “We invest where we believe the best opportunities are and Brackengate 2 is a prime property strategically located near to transport links and other commercial and retail nodes. The partnership with the City of Cape Town and SANRAL to introduce municipality to introduce new on and off-ramps will enhance access and roads infrastructure in the area.”