Property stands in Irene sold for R25m

27 Mar 2013

Abacus Divisions the Pretoria-based property development and management company, reports that, after a slow start to the year, it sold seven stands worth R25 million in the Irene area.

Abacus Divisions the Pretoria-based property development and management company, reports that, after a slow start to the year, it sold seven stands worth R25 million in the Irene area.

Org Geldenhuys, managing director of Abacus Divisions says the Irene area is booming, with some “significant development plans” on the cards.

“What is interesting is that these buyers are not speculators – the bulk of the buyers are owner/occupiers pointing to growing business confidence in the property market.”

Geldenhuys explains that there are a number of developments taking place in the greater Irene area, which “might be spurring” interest from property investors. 

Arguably the biggest and most positive impact of all will be the long-awaited upgrade to the Nellmapius Bridge over the R21 highway.

Irene Land Corporation, the main developer in the area, will be upgrading the existing bridge over the R21 by adding two additional lanes to the bridge.

This will alleviate the traffic pressures and long waiting times on the on and off ramps to the R21 highway, he says.

“Besides other infrastructure-focused developments, there is also a planned expansion to the popular Irene Village Mall.”

The mall will be extended by approximately 24 000 square metres of retail space, he notes.

He says his company will also start marketing what is arguably the first boutique office park in the Irene area - Quattro Fontane adjacent to the Irene Village Mall - the new office park offers only 20 stands, a number of which have been already been sold.

Meanwhile, he says there seems to be a possibility that business confidence is improving as a number of developers in the greater Irene area announce plans to build warehouses.

Geldenhuys points out that the bulk of the seven plots recently sold are to be developed for warehousing space.

“There seems to be a demand for warehouse space and it appears to be a market that is starting to ignite – certainly in the Pretoria area.”

According to Geldenhuys, the development plans in the Irene area are indicative of this.

“This possibly points to a business confidence upturn, certainly with regards to warehousing, distribution and importing and exporting markets.”

Additionally, the bulk of the stands were sold to owner occupiers which indicates that business owners have confidence in investing in their businesses, as opposed to property speculators taking a speculative view, he points out.

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