Richmond Park – a new multi-billion rand development situated directly along the N7 highway – represents the Cape’s latest generation of projects as it maintains its status as a world-class industrial hub. Initiated late last year, Richmond Park will be developed on 84 hectares of land as a mixed-use precinct, primarily consisting of light industrial and warehousing property. Overall, 300 000 m2 of bulk lettable area are scheduled to come on board on a long-term leasehold basis.
Prime Position
The park is a fleeting 19km to Cape Town International airport and 17km to the Cape Town CBD and harbour. Wide internal roads, 24-hour staffed security and well-landscaped greenfield spaces create an efficient yet enjoyable environment. Two planned entrances represent a proactive approach to managing traffic to the various precincts within Richmond Park.
The site’s strategic location in the industrial hub of Milnerton with great visibility and access to surrounding arterial routes has meant developers will be investing about R150m for surrounding road infrastructure upgrades. From the pre-launch, the commercial space, business and logistics sectors have shown strong interest in the development, with Phase One of the project expected to attract investment of up to R5bn. During construction, around 15 000 jobs are set to be created, as well as 100 permanent jobs for the direct management of the commercial areas once the park opens. These figures exclude the jobs to be created by the commercial property tenants.
Top structure construction is anticipated to commence in mid-2016 with the full development of the park scheduled to take place over approximately 7 years.
In keeping with International Aerotropoli
The N7 corridor along the Western Seaboard in which Richmond Park is located has two developments already nearing completion, two entering the civil works, and a further two projects in the planning phase. The corridor presents business and industrial tenants as well as investors with a variety of property options.
Aerotropoli are evolving globally with infrastructure centred around economic activity at major airports. The level of activity at Cape Town International Airport reflects the industrial and infrastructural ‘refresh’1 being explored by the City of Cape Town, Airports Company South Africa, port authorities, and private stakeholders in a bid to keep up with the growth in commerce and freight volume over the coming decade.
