Northpoint is a recently developed midi-unit industrial park in Brackenfell in Cape Town’s northern suburbs. It spans 16,415sqm of gross lettable area in 10 units ranging in size from 1,300sqm to 2,366sqm. It is 100% let, and its tenants include leading national names such as PEP, Van Schaik and Storage King.
Geoff Jennett, CEO of Emira Property Fund, says, “We are pleased to acquire this fully-let property at an accretive yield. Emira’s industrial portfolio is divided between single-tenant light industrial and warehouse facilities and multi-tenant midi- and mini-unit industrial parks. This property aligns well with Emira’s strategy to invest in well-located, modern, multi-tenant parks.”
Emira favours investing in midi-unit industrial properties because they support a broad tenant base, which adds to portfolio diversification and reduces single counterparty risk.
Ulana van Biljon, COO of Emira Property Fund, says the industrial sub-sector has remained resilient with low vacancies, and demand for space is on the rise.
She adds, “In Emira’s experience, midi-unit industrial premises of between 1,000sqm and 5,000sqm attract a more established tenant profile, which equates to stronger and longer lease covenants. They also require less intensive management than similar-sized properties with mini-units. The Emira team is well skilled in managing this asset class.”
The secure Northpoint Industrial Park features access control and 24-hour on-site security supported by off-site CCTV monitoring. It also has power backups for the park’s common areas and smoke extraction. Each unit is 12m to eaves and has full sprinkler system coverage to SANS 10287 requirements, with backup tanks and pumps, plus additional capacity for tenants to add on to meet ASIB specific requirements. While the Northpoint site is fully developed, each unit has the capacity to add a full mezzanine level to its warehouse.
As is the Emira way, it invests in assets that consider the environment. To this end, Northpoint has a rainwater catchment system, solar lighting for parking, and heat pumps for hot water supply. The office component of the property is also served by inverter-based air conditioning.
Centrally located in Brackenfell Industrial and easily accessed from the N1 via the Okavango offramp, Northpoint will benefit from even more convenient access in future with the planned extension of Okavango Road, which will run directly past the park.