17 Willowfield Crescent, Springfield Industrial Park, Durban
Dorispan (Pty) Ltd, a joint venture company owned by the Sequelprops shareholders, Grindrod Bank and the Ivor Ferreira Trust, acquired an 8 159m2 distribution warehouse located at the corner of Willowfield and Aloefield Crescents in Springfield Park, Durban in February 2013. The property is leased to GAC Laser International Logistics (Pty) Ltd, which is a nationally represented logistics and courier business comprising a joint venture between GAC, a leading French logistics business, and the Laser Group.
Springfield Park remains one of Durban’s premier industrial nodes and connects directly with the N2 freeway through the newly constructed Umgeni/Springfield intersection off Inanda Road, which runs through the park. Access to North Coast Road and the City is similarly convenient at the western end of the park..
The property was acquired for R49.5 million at an initial yield of 9%, with the rental escalating at 8% per annum.