We are delighted with the response from our investors to the 4 office blocks currently being developed by us in Park Lane, Century City. Two of the blocks are completely sold out, and the few remaining units have now been released for sale to the public.
This unique development offers the opportunity for small and medium corporate and professional firms to acquire or let upmarket office space in boutique buildings, each with its own reception area, semi-basement and ground-level parking bays, and terraces and balconies overlooking landscaped gardens.
The offices available to let range from approximately 100 m² to 1,000 m² with rentals at R145/m², and the offices available for sale range from approximately 100 m² to 550 m², starting at a cost of R2.5 million excluding VAT. Transfer and occupation will be available from February 2013.
This development has been designed to enable small and medium businesses to enhance their corporate identity through occupying upmarket, green office space in an environment offering ‘first-world’ infrastructure. The finishes are AAA-grade with oak cladding, porcelain tiles and high-class furnishings in the reception areas, superior finishes in the restrooms on each floor and private kitchen facilities in each office.
Building naming rights are available to larger users who purchase or let an entire building of approximately 500 m² or 1,000 m². The buildings will be fibre-ready for Century City Connect, offering access to the country’s fastest broadband data, voice and multi-media services.
Building occupants will benefit from a desirable and productive working environment with good views and natural light, superior finishes, top-class security and access control, extensive public transport links and bicycle storage and shower facilities to encourage cycling to and from work.
Park Lane is centrally positioned in an upmarket, sought-after node within Century City, with a wide range of nearby amenities, including Canal Walk Shopping Centre, Virgin Active Gym, convenience retailers, restaurants, coffee shops, Intaka Island nature reserve, a clubhouse and sports oval and a day-care centre. Curro Century City Private School is currently under construction, for opening in January 2013.
Century City is conveniently located, with easy road access to Cape Town CBD, the Southern Suburbs and the Northern Suburbs. It is also well serviced by the various modes of public transport, including bus, taxi and rail. A regular internal shuttle service runs between the transport interchanges and throughout Century City, and also links up to two E-Parking areas within Century City, offering a convenient ‘park and ride’ system. Century City has also been included in the Phase 1A rollout of Cape Town’s Bus Rapid Transit System, with 8 BRT stations within Century City expected to come on stream around February 2013.
With a focus on energy and water efficiency, these buildings will offer significant operating cost savings to occupants. Some of these innovations include energy-efficient lighting; movement and daylight sensors; good natural lighting and ventilation; external solar shading to decrease solar gains; solar control glazing to reduce heat gains and UV transmission; electrical sub-metering per office; zoned, occupant controlled air-conditioning; non-potable water for landscaping; water-efficient fittings; and indigenous landscaping.
In addition to reduced running costs, these green building features will provide a more comfortable and productive working environment, which will have a substantial impact on any company’s bottom line. As a result, investors can expect to achieve superior rentals and capital values. The projected gross rentals of R145/m² are further supported by the leasing successes achieved in other recent developments at Century City, such as The Gatehouse, which achieved rentals of R130 to R135/m² in 2010. In addition, vacancies at Century City are at an all-time low, with hardly any space available, particularly of this calibre.
Due to the opportune time in the property cycle for development, Horizon Capital has been able to secure relatively low building costs, and is therefore able to provide top-quality, green office space at good yields, with outstanding capital growth potential in addition to this. This is ideal timing for purchasers who wish to take advantage of the low interest rate environment, with the opportunity to fix interest rates at very low levels and thereby reduce risk and maximise returns.
Horizon Capital provides a complete, integrated and personalized property investment and management service to its High Net Worth clients. Horizon Capital also provides tailored property development services to specific end-users or investors, including feasibility studies, project management, arranging finance and sourcing end-users if required through an extensive client base and industry networks.
For further information on sales or leasing, or if you are interested in any of Horizon Capital’s services, contact John, Kate or Martin on 021 425 8586 or John 082 906 2866 / Kate 082 447 0078 / Martin 073 789 7897.