A strong pick-up in demand for offices in the Southern Suburbs has seen the developers push the button on the entire R80million phase two of the Greenford Office Park development bordering the Kenilworth Race Course.
This comprises seven standalone A-grade office buildings, varying in size from just over 300 square metres to 1375 square metres, with a total gross lettable area of 5600 square metres. Greenford is being developed in a joint venture between Rabie Property Group and Western Province Racing.
The first building in phase two, Block U was completed in the past year and three of the four office suites in the block have now been let or sold. One ground floor unit of 248 square metres is still available.
Rabie Project Manager Kutlwano Rasodi said phase two, which has been designed by Stauch Vorster Architects in a modern Cape vernacular, had been launched into a soft market. She said initially there had been only marginal interest and the first block had been built on a speculative basis.
“However the market has turned around significantly in recent months and we have had to step up to the plate to meet the increasing demand.”
She said work has started on a second block, Block T comprising 860 square metres, which has been sold to Real-Time Property Holdings. This is due for completion in February next year.
Construction of a third office building, Block V, is also underway and due for completion by November 1 this year. The entire block has been let to Unitrans Supply Chain Solutions on a long lease.
Negotiations with a potential purchase for a fourth building, Block X, which comprises two ground floor suites totalling 468 square metres, are also well advanced while a fifth building, Block Z comprising a total GLA of 319 square metres has been sold to the Cape Pharmaceutical Society of South Africa.
The remaining blocks in phase two are W and Y. W is a two storey block comprising a total GLA of 1195 square metres with two suites on the ground floor and two on the first floor while Block Y is a single storey building comprising a total of 355 square metres.
Rasodi said construction was being undertaken by Big Ben Construction with the buildings being brought on stream on a rolling basis with total completion scheduled within the first half of 2015.
All the office buildings will offer a mix of basement parking and open bays on a ratio of four per 100m2.
Offices have been let in phase two at R110 per square metre with purchase prices varying from R13 700 to R16 000 per square metre depending on a number of factors including size, number of parking bays, balconies and patios.
Phase one of Greenford comprised 19 small office blocks totally just over 10 000 square. It is surrounded on three sides by a nature reserve and enjoys spectacular mountain views.
The professional team also comprises Sparq Consulting (Mechanical Engineer), Rawlins Wales & Partners (Electrical Engineer), Sonnekus & Toerien (Structural Engineer), Nadeson Consulting Services (Civil Engineer), Planning Partners (Landscaping Architects) and Western Cape Construction (Civils).
For further details contact Jean Theron, Giles Balmer or Sedica Knight on 021 550 7000.
