Improvon’s Montague Park set to be a multi-use development success
The Western Cape’s Montague Gardens recently welcomed an innovative multi-use development to the area in the form of Montague Park.
Property developers, the Improvon Group, co-own the property with Acucap Property Fund and Capital Property Fund. According to Business Development Executive at Improvon, Grant Lewington, “Montague Park provides a unique environment for businesses within a secure Park. The property, which is situated north of Cape Town on the N7, is divided into an Eastern and Western precinct and has been rezoned as such,” he informs. While the Eastern precinct caters to industrial needs, the Western precinct has been reserved for commercial and retail use.
Improvon has spent a great deal of time and resources on the development of the Park. Access to the industrial section is controlled via 24-hour monitored security, while the retail and commercial environments have been made open to the public via an improved road infrastructure that was developed by Improvon. “It’s taken us four years to get the property to its current state due to the rezoning and substantial infrastructure changes that have been made – an investment of around R60 million,” Lewington points out.
Indeed, with the development of Montague Park, Improvon was tasked with the upgrade of both Koeberg and Plattekloof Roads. “The upgrades to these roads have had a significant impact on traffic flow, which has been a distinct advantage to motorists in the area,” he continues.
Lewington adds that the entire development was created with an important focus on the environment. As a result, Montague Park has been established within a pleasing park-like environment with an accent on indigenous fauna and flora, surrounded by the Duikersvlei River, which cuts through the property.
From a building perspective, Montague Park is still in its infancy. “That said, we have already completed 13 000 m² of industrial space and Makro has confirmed it will be locating its latest retail centre on the property, on the corner of Koeberg and Plattekloof Roads,” Lewington enthuses.
And while it’s difficult to measure the success of a development like Montague Park, which is ultimately planned according to a long term vision, the take up of the property is dependent on market conditions and it is estimated that the entire development will be filled within the next couple of years. “We have, however, been successful in the current environment, especially considering the financial climate,” Lewington believes.
Interestingly, the property is held by the three co-owners who have the mandate to develop and rent properties within the Park. The owner’s long term vision for Montague Park is to create a mixed-use Park anchored by top class industrial and retail tenants. “This is something that the area does not currently offer. We have created a premier offering in the Western Cape – nothing has been spared in terms of its development,” Lewington concludes.