NOVUS owns two (2) Light Industrial park for a combined Gross Lettable Area (GLA) of 6,804m2. The smaller and first such investment was acquired in December 2013 at Pailles; and the larger one at Grand River North West (GRNW) was acquired in May 2018.
The Pailles building is located in an industrial area and consists of: a Warehouse, Workshops, Stores, Offices, a Messroom, as well as Locker Rooms with a combined surface area of 2,675m2. This complex is being rented out to three (3) tenants with an average occupancy rate of 80% during the year ended June 30th 2019 (FY-2018: 88%).
The GRNW property resides in a mix-use (residential/commercial/industrial) locality just off of the Pailles Junction Road at GRNW and consists of: Workshops, Stores, a Garage, Offices and a Mezzanine with a combined surface of 4,129m2. This industrial complex has been fully let (100% occupancy) by a single anchor tenant on a 10Yr lease agreement.
NOVUS’ sole investment in Office Space are offices situated in the Grand Bay Business Park (GBBP). As its original investment over a decade ago in 2008, NOVUS was the co-promoter of GBBP Phase II in which it has retained 23 units making it the largest co-proprietor within this development.
at Grand Bay Business Park
Grand Bay Business Park includes a total of 73 units developed in two stages. The 1st phase was launched in 2003 and the 2nd phase five years later. NOVUS’ 23 units constitute a combined GLA of 1,208m2. Located in Grand Bay, the business park includes offices, restaurants, state of the art meeting rooms and parking spaces. Tenants are mostly companies operating within financial and technology sectors.