According to Anand Joseph, regional executive of Nedbank Corporate Property Finance in KwaZulu-Natal, the R354 million loan agreement was reached as a result of strategic pricing and a well-structured contract for its longstanding client, the Collins Group.
"Nedbank has an intimate knowledge and understanding of the commercial property market and given the economic activity of the province, warehousing is a strong focus. As a result, we have concluded several transactions of this magnitude with the Collins Group and other developers despite the tough economic conditions," adds Joseph.
Murray Collins of the Collins Group says the rationale behind the construction of the facility as a move towards the consolidation of warehousing facilities into a single warehouse because of Willowton's strategic location within the province. "The area is central from a delivery point of view, with easy access to freeways and arterial roads leading to urban and outlying market areas," says Collins.
He adds that the triple volume building will be developed to modern specifications with attached outbuildings, offices and workshops. The warehouse will also uplift the surrounding communities and complement existing developments in the area.
