Primed for business: William Moffett: PE’s next major commercial hub!
There is a new commercial hub on the horizon in Port Elizabeth – it’s called William Moffett. This rapidly-transforming area is fast-becoming a prime business zone says a leading realtor.
According to Warren Jack, Principal and Director at Warren Jack Property Group, William Moffett’s emergence is not surprising as 10 years ago, when the Moffat Retail Park was built, a geographical survey had precisely predicted that the area would be the centre of PE within 15 years.
“William Moffett is the link way between the ever-popular Cape Road and Buffelsfontein, which means it bears the highest car count in Port Elizabeth – hence, the name William Moffett Expressway,” Jack describes.
“Between these two popular roads are three golf courses, two of the best schools - namely Theodor Herzl and Grey, Port Elizabeth’s most prestigious shopping complex - Walmer Park as well as the Moffat Retail Park on William Moffett.”
He believes that the availability of commercial land, William Moffett’s prime location and an established retail node were the primary drivers of growth in the area where car dealerships have scooped 90% of the available land.
“This land was opened up approximately five years ago by PELRA on a tender basis and plots where priced at R650/m²,” Jack says.
“As time passed - and as the excitement in Port Elizabeth grew, the demand increased drastically. Today, portions facing on the William Moffett have been sold for R1 500/m².”
He believes that the sale of land and buildings in this area has attracted close to R800 million from companies such as BMW, Audi, Dirk Ellis Motors, Auto Bodyworks, Nissan, East Cape Motors, Honda and CompSol.
“At this time there are many deals under negotiations which remain confidential but I believe that in my 30 years’ experience, this has been the area of the highest demand and the most successful development I have witnessed,” he says.
“With the amount of money being spent here and the exceptional position, I would say that your investment in this area can only grow.”
The Warren Jack Property Group has also secured a 32-hectare plot in Buffelsfontein – just three kilometres from William Moffett.
“We have been working on the project for approximately three years and have finally received the approval of the zoning to Bus1, removal of restrictions and sub-division of the 32 hectares. We are now conducting the EIA and should be going to market next year,” Jack says.
He said this project is valued at around R200 million for land only – adding that those that do not want ‘to miss the bus’, should contact the Warren Jack Property Group.
Photo Caption: Warren Jack of Warren Jack Property Group. File Image.
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