Commercial property funding helps revive property development in Kimberley

Entrance of Montrio Office Park - Kimberley

Image gallery

After more than half a decade of construction moratoriums, Kimberley is once again seeing the start of significant commercial property development thanks to the commencement of construction on the Montrio Corporate Park in the popular Monument Heights area of the city.

The development, which is scheduled for completion in June 2013, was facilitated through a packaged finance facility from Nedbank Corporate Property Finance, supported by Nedbank Business Banking.

According to Ken Reynolds, regional executive: Nedbank Corporate Property Finance, Gauteng, the bank is particularly excited to be involved in the financing of this new development as it presents an opportunity to help drive the start of a new era of development in this valuable South African region.

“Kimberley has long been an important contributor to the economic growth and development of the entire Northern Cape region and with the lifting of the long-standing construction moratoriums, the city needs progressive retail and commercial developments like Montrio to reignite its property sector and restore its full economic value,” says Reynolds.

Once completed, the Montrio Corporate Park will offer three contemporary style office blocks in landscaped gardens comprising a total of over 1 830m² of ground floor showroom space and more than 4 170m² of offices with balconies and communal areas, as well as storage facilities and 187 parking bays.

According to the developers, the Thomas Family Trust, initial interest from prospective tenants has been excellent, particularly given the current high demand for upmarket, A-grade offices in Kimberley and its surrounding areas.

Ken Reynolds points to the excellent position of the development as a further contributing factor to its appeal to both commercial and retail tenants. “The property’s location on Oliver Road next to the popular Diamond Pavilion Mall makes it highly visible and accessible to tenants and customers, particularly given that this road is one of the primary transport links between Kimberley and Bloemfontein,” he says.

Reynolds also credits the proven commercial property experience of the professional development team as further incentive for Nedbank Corporate Property Finance to involve itself in financing the project.

“This combination of developer expertise, excellent location, and significant initial tenant interest made the decision to finance the development of Montrio Corporate Park a very easy one, particularly as doing so affords Nedbank yet another opportunity to realise its commitment to applying its financial muscle in ways that not only facilitate the growth of the country’s property sectors, but also promote the social sustainability of communities through skills transfer and long-term job creation,” concludes Reynolds.