Situated in Midrand with prime N1 frontage, the N1 Business Park is positioned as a top end industrial park comprising individual warehouse sites contained within a secure precinct. The R32m township services have now been completed for the 32ha N1 Business Park, which is being developed in joint venture with Improvon and Capital Property Fund. Acucap's 20% interest is held as an undivided share in the property. Ultimately the site will consist of nine large sites within an enclosed and controlled industrial park. The first 8,000sqm at a unit value of R49m, was completed in late 2007 for BPB Gypsum (a subsidiary of French multi-national Saint Gobain) at an initial yield of 10.5%. Lease terms have been finalised with Bihati Solutions for the second unit of 4,500sqm, scheduled for completion in June 2008 at an initial yield of 10.2%. A third unit of 2,100sqm is under construction for Elanco, with an estimated construction cost of R13m and an estimated first year yield of 10%.