Waha Land has commenced handover of the initial units in the first phase of Almarkaz, a warehousing and light industrial real estate project in Abu Dhabi.
The project is responding to increasing demand for top quality light industrial property and warehousing in Abu Dhabi, where the government is investing strongly in infrastructure as part of its economic diversification strategy.
It is located 25km south of the city of Abu Dhabi, close to Mussafah port and on the Tarif Highway, a main road linking the UAE's capital to the rest of the GCC. The project is also next to the site for a major terminal for the 1,200 km Etihad rail freight and passenger network, which will link major towns and cities in the UAE with neighbouring Saudi Arabia and Oman.
"Abu Dhabi is experiencing strong demand for high-quality industrial and logistics space. As the emirate moves forward with its economic diversification strategy, it is increasingly at the centre of regional and international trade and business networks," said Hazem Al-Nowais, chief operating officer of Waha Land.
"Almarkaz will perfectly complement other developments currently underway which require additional high quality storage or assembly capacity, both by the government and other institutions in Abu Dhabi," Al-Nowais added.
Waha Land, a wholly owned subsidiary of Abu Dhabi-listed diversified investment company Waha Capital, expects the facilities to be of interest to manufacturers and logistics firms seeking professionally managed, high quality and competitively priced space.
The company is in talks with several potential tenants, with about 10% of the 90,000 square metre first phase already reserved. Typical leases are for 15 years, and are available for up to 25 years.
Almarkaz is also seeing interest from specialist real estate investors, private equity funds and logistics companies attracted by predictable income available from industrial and logistics facilities, which have tended to provide high yields.
The initial phase of Almarkaz, which is Arabic for "centre", offers single units ranging from 250 square metres to 12,000 square metres, or build-to-suit and turn key options. This flexibility means that the units are suitable for a wide range of uses, such as light manufacturing, food processing, high-technology industries, fabrication and parts assembly, and allows companies to expand their premises as their businesses evolve.
Service yards between the units are 48m apart, allowing easy access for manoeuvring articulated vehicles, as well as loading and unloading of goods. Each unit controls its own power supply and sprinkler system, while insulated cladding in the pre-cast concrete walls keep temperatures low.
Unveiled in 2009, the construction of first units of Phase 1 of Almarkaz began in April 2011 and is due to be delivered on schedule, following a period of infrastructure development, including access roads and full utility services. Subsequent phases will be rolled out in coming years according to demand on the 6 square kilometre site.
"We are grateful for the support and wise leadership of the Abu Dhabi government, and are pleased to deliver a high quality development that is aligned with the Emirate's economic development strategy," Al-Nowais said.