R10-mln park for Willowton

2009-08-07 00:00

A FORMER illegal dumping spot in Willowton is now being transformed into a new R10-million industrial park development.

The developer, Rishi Nankan of Nankan Properties, told The Witness that they acquired the property about nine years ago, adding that it was an illegal dumping site for several years prior to their purchase.

Nankan initially bought a 20 000 m2 site and later sold two different “plots” covering a total of 10 000 m2 to city businesspeople.

The industrial park, set on the remaining 10 000 m2, is dubbed Promed Park and will ultimately consist of 25 mini-factories upon completion.

“We bought the land from the council [Msunduzi Municipality] on a private treaty prior to the council’s new policy of public tender was implemented. We saw the potential of the property … and decided to purchase it as prime industrial land in Willowton,” Nankan explained.

He said one of the unique features of the development is that it allows businesspeople to acquire their own 129 m2 freestanding mini-factory at a reasonable price, on sectional title.

He believes that this represents a major opportunity for Nankan Properties, as there is a “ready niche-market” in existence.

“Unlike the case in many other parks, businesspeople can buy the mini-factories on sectional title. This suits people who have been renting for decades in old buildings.”

Nankan is negotiating with six more prospective buyers.

The units boast mezzanine floors that rise to double-volume height and has three-phase electrical power.

Three local businesses have each taken occupation of a mini-factory. They are electrical contractor Hi-Light Electrical (with two units), packaging company Pangrow Packaging and Khan’s Precision Engineering.

Nankan and his brother, Rajen Nankan of Nankan Properties, have been the chief architects of the project.

They are in the process of completing the fifth mini-factory.

Rishi Nankan and specialist investment group Business Partners are arranging the financing on behalf of potential owners.

kavith@witness.co.za

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