South Africa's leading owner and manager of branded business parks, Inospace, is delighted to announce the launch of 3 new business parks in Midrand, north of Johannesburg.
South Africa's leading owner and manager of branded business parks, Inospace, is delighted to announce the launch of 3 new business parks in Midrand, north of Johannesburg – growing its portfolio to 42 branded parks.
These new sites follow the Company's September launch of two new business parks in Johannesburg acquired from Arrowhead Reit Ltd. The three recent locations in Midrand span a total net lettable area of 20,000 square metres, taking Inospace's assets under management to 400,000 square metres.
The three industrial parks: Coventry Park, Richard's Park and Lanzerac Estate, currently comprise warehousing logistics, storage and light manufacturing spaces. The property is 90% let to a mix of SME tenants, perfectly fitting Inospace's business model, which focuses on entrepreneurial businesses looking for logistics and warehouses.
Rael Levitt, Chief Executive Officer of Inospace, says,"Midrand is a new node for us. We see demand in the area for our high-demand parks, and we will add value to these properties through our innovative business model and in-sourced operational initiatives.
"We have grown our footprint by 40% since the onset of the Covid-19 pandemic and resultant economic fallout".
According to Levitt, his company has been looking to grow its Gauteng presence into the Midrand area. "Midrand has a solid and diverse SME sector of which Inospace has good knowledge".
The three new parks, branded under the Inospace livery, are in a bustling business node situated along the N1 highway between Sandton and Centurion. "The area has experienced significant growth and modernisation in the last decade, mainly due to its excellent highway links. It is fast becoming a business nucleus, and there is now little break between the outskirts of Johannesburg and those of Pretoria".
Known for its business parks' unique combination of office, warehouse, industrial and storage space, Inospace has developed a reputation for flexibility, affordability and community, and entrenching the 'Space-as-a-Service' model that offers a range of business services and facilities.
"These high-quality assets deepen our exposure to a market in which we already have extensive experience. The new parks will provide several compelling operational synergies and widen our range of customer offerings, particularly when considered alongside our other existing business parks in Johannesburg's northern suburbs."
The industrial and logistics sector has been the standout property sector globally and in South Africa. The sector has been performing exceptionally well for some time now, particularly during the corona pandemic, where accelerated online retailing trends and new supply-chain resilience requirements have significantly boosted demand.
Inospace's model, which focuses on the multi-let industrial sector, has been highly resilient. When the company offered short flexible leases, with lease breaks at the tenant's discretion, demand increased even further. The company has grown its footprint by 40% since March 2020 and is indicative of the demand for its flexible, client-centric customer offering.