Construction starts on next phase of Steelpoort Industrial Park
Growing its portfolio of income-producing commercial properties, newly-listed Freedom Property Fund has broken ground on the next phase of development at its Steelpoort Industrial Park, in Limpopo, starting construction of a further seven industrial units, each 1 100 m2.
The developed portion of the industrial park comprised 20 000 m2 of fully-let mini, midi and maxi units, with a further 28 000 m2 available for development.
Upon completion of the units, Steelpoort Industrial Park was expected to be valued at some R620-million and would ultimately include a residential development.
“Steelpoort is well established as a prime commercial location in the area, especially for businesses that deliver goods and services to the surrounding mining sector. Most mines in this area are still early in their productive lifecycles. Our well-located industrial park supporting these mines will continue to be sought after for many years,” CEO Tyrone Govender said in a statement on Tuesday.
Freedom listed on the JSE on June 12, offering a portfolio of residential, commercial and industrial property assets worth some R1.56-billion.
Its assets comprise income-yielding properties and developments, complemented by a secure pipeline of around R3-billion of commercial property developments and R7-billion of residential rental and sale property developments.
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