Rabie Property Administrators (RPA), which has a portfolio under administration of more than R3,5billion, has secured two new management contracts for buildings recently acquired by JSE-listed Ingenuity Property Investments Ltd.
The new contracts are for 142 Edward Street in Tygervalley and for the Food Lover’s Market in Claremont. Situated diagonally opposite the Tygervalley Shopping Centre, 142 Edward Street consists of four floors of A grade offices with a total GLA of just over 2600 square metres. The main tenants in the building, which is fully let, are Werksmans, a national firm of attorneys and Bigen Africa Services, a national firm of consulting engineers. The property was recently acquired by Ingenuity Property Investments Ltd for R31,9million and RPA’s management contract will kick in on transfer of the property scheduled for June this year. The second building, the Food Lover’s Market on the corner of Vineyard Road and Dreyer Street, Claremont was recently purchased by Ingenuity Property Investments Ltd for R13,4million. The RPA management contract on the 740 square metre building will come into place on transfer of the property to Ingenuity in May this year.
RPA director Leigh Metcalf said that when they started out their entire management portfolio was was owned by the Rabie Property Group but in recent years they had grown considerably with third party clients now accounting for more than 50% of their portfolio. She said the greatest growth in their business in recent years had been in sectional title, multi-tenant commercial buildings as well as mixed use buildings in the Western Cape. “What sets us apart is that while we are big enough to count, we are still small enough to care and give our clients a personalised service. Our 15 strong multi-skilled team prides itself on delivering a personalised, proactive service and on attention to detail.”
Metcalf said their other key clients included Century City Property Investment Trust, Garden Cities, the Billion Group, Indigo Property Investments and V&A View Properties.