Commercial & Industrial Property Development - Cape Business News - Cape Business News http://www.cbn.co.za Fri, 19 Jan 2018 23:12:34 +0200 Joomla! - Open Source Content Management en-gb SA will have 17 new shopping centres by the end of December http://www.cbn.co.za/property/commercial-industrial-property-development/sa-will-have-17-new-shopping-centres-by-the-end-of-december http://www.cbn.co.za/property/commercial-industrial-property-development/sa-will-have-17-new-shopping-centres-by-the-end-of-december Shopping - [https://static2.stuff.co.nz/1447363768/538/13115538.jpg]

A new study published by Morgan Stanley Capital International (MSCI) Real Estate South Africa on behalf of the South African Council of Shopping Centres (SACSC), has found that local malls are getting bigger.

The data indicates that the average size of centres developed have steadily increased in size since the 1990s, with centres slated for completion between 2017 and 2020 being significantly larger than those developed during the 1990s and 2000s.

This trend towards larger centres may be explained by developers opting for larger formats in order to dominate its immediate catchment area and attract a higher proportion of national tenants, thus strengthening the centre’s position within its catchment area, the report said.

The data also indicates that proposed centres planned in the country’s city regions, local/niche towns and service towns are all now 100% larger compared to those developed during the 2000s.

As of July 2017, the South African retail development pipeline measures 1.9 million square metres across 68 centres – the bulk of which is planned for completion in 2018. Currently, there are 17 shopping centres slated for completion in the remaining weeks of 2017.

Looking at the square meterage of retail space, South Africa ranks as sub-Saharan Africa’s most saturated retail market, representing 88% of the available space in the region. According to the SA Shopping Council, South Africa has the sixth most shopping centres in the world.

Phil Barttram Executive Director MSCI said that there is a unique perspective of the link between retail space, economic activity and population density.

“MSCI’s latest research, based on SACSC’s shopping centre directory, provides a unique perspective of the linkage between expected retail mall space, economic activity and population densities. Given a highly competitive environment for malls in specific nodes, we believe that centre selection within the retail segments will become increasingly important,” he said.

“There are fundamental drivers of mall defensiveness and it will be the malls that best exploit these factors that will prove to be more resilient in the times ahead,” he added.

The Mpumalanga, Limpopo and Eastern Cape provinces combined contribute 82% of the overall retail pipeline in the small settlement-type markets.

The study conducted by MSCI also notes that despite the slowing of retail development, the South African retail market has expanded significantly over the past few decades, increasing to 23.4 million square metres at the end of 2016.

Since 2010, retail stock has grown by an average of 17.3% with 32 new centres per year.

Biggest new centres 

Last year, Menlyn Park in Pretoria, now the largest shopping centre in South Africa, embarked on a R2 billion redevelopment that added 50,000 square metres of additional retail space to its already massive footprint, making it one of the largest malls in Africa.

In February this year, the Fourways Mall expansion project in Johannesburg broke ground. This project, costing R23.7 million, will see the mall become a retail behemoth of 175,000 square metres.

The Pavilion as well as Ballito Junction, both in KwaZulu-Natal have also undergone expansion projects.

Another possible reason for the increase in mall size including redevelopment of malls may be globalisation. Globalisation has brought many international brands into the country that were once considered unattainable.

This means that the store-within-a-store that stock these international brands will be rendered obsolete, thus creating the opportunity for expanded retail space.

 


 

Source

BusinessTech

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tomy.hilser@hypenica.com (Super User) Commercial & Industrial Property Development Wed, 13 Dec 2017 20:07:26 +0200
Radisson RED opens in Cape Town http://www.cbn.co.za/property/commercial-industrial-property-development/radisson-red-opens-in-cape-town http://www.cbn.co.za/property/commercial-industrial-property-development/radisson-red-opens-in-cape-town Radisson RED - [http://media.corporate-ir.net/media_files/IROL/20/205430/releases/07092015RredGlasgowNight.jpg]

The long-awaited Radisson RED Cape Town opens has just opened its doors in the V&A Waterfront’s newly revamped Silo District. Radisson RED’s bold, inspirational design and philosophy is set to shake-up South Africa’s staid and traditional hotel scene.

Mark Willis, Carlson Rezidor Hotel Group’s Senior Area Vice President for the Middle East, Turkey and Africa, says that Radisson RED is a completely new and different hotel concept. It is bold and alive, and provides an experience like no other.

“Radisson RED is a completely new and different hotel concept. It is bold and alive, and provides an experience like no other,” says Willis. “Radisson RED boasts a forward-thinking design and offers a new experience fueled by personal interaction and personal choice. 

"Radisson RED guests are not defined by a certain age – they are united by an appreciation for unique but intelligent design, energetic social spaces, technology that makes their lives easier, and a customisable, personal experience.

“Cape Town is the perfect city to showcase our first Radisson RED in Africa. We are confident it will spearhead a snowball effect on expansion for the brand in key territories across the continent. For the City of Cape Town, developments such as this represent so much more,” says Dale Simpson, the hotel’s General Manager (also known as the ‘Curator’), who is in charge of bringing the brand’s bold experience to life by leading a staff of creative, expressive and service-driven people."

Radisson RED Cape Town features 252 rooms – ranging from the standard two-sleeper studio to the studio suites, with balconies and sea views and, of course, pet-friendly rooms. 

“Guests at the hotel are free to enjoy the fully equipped gym before popping down to the trendy OUIBar and KTCHN for a refreshing, local craft beer or cocktail and something to nibble on. We also look forward to welcoming members of the public to the famed RED roof, where we’ll be hosting regular ‘Call of the Loin’ braai events – so keep an ear out for the sound of our distinctive horn on Friday afternoons.”

The opening of the Radisson RED Cape Town follows successful global launches in Brussels, Minneapolis and the most recent addition in Campinas (Brazil) – with developments in various other parts of the world set to launch soon. 

The hotel’s location itself is the talk of the town and the RED-savvy world, concludes Simpson. “Located in Silo Six, right in the heart of the bustling Waterfront, and amidst the city’s vibrant nightlife, visiting locals and guests will experience Instagram-worthy views of both the city’s bustling harbor and its idyllic mountains.”

 


 

Source

IOL

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tomy.hilser@hypenica.com (Super User) Commercial & Industrial Property Development Thu, 14 Sep 2017 21:16:54 +0200
Cape Town’s Radisson Red is challenging the traditional hotel model http://www.cbn.co.za/property/commercial-industrial-property-development/cape-town-s-radisson-red-is-challenging-the-traditional-hotel-model http://www.cbn.co.za/property/commercial-industrial-property-development/cape-town-s-radisson-red-is-challenging-the-traditional-hotel-model Radisson RED curator Dale Simpson - [http://www.houseandleisure.co.za/news-and-trends/cape-town-radisson-red/]

With rooms that reflect cool designer studios, striking work by Cameron Platter and emerging local artists, and a magnetic energy that runs throughout the space, Radisson RED is set to become one of the city’s top contemporary hotels. We sat down with hotel curator Dale Simpson to get a snapshot of what guests can expect.

What is the role of a Radisson RED curator?

The RED brand takes inspiration from art, music and fashion – and it requires curation to bring those things to life. In a traditional sense, in an art gallery or museum, a curator would thoughtfully compose a space to have an effect on the way that people interact with the work and experience it. How people feel is an important consideration when it comes to hotels.

The words that RED has chosen are specific and purposeful – curator over general manager, studio over room, creatives over staff… What can you tell us about the language of the brand?

Language emphasises the ideas that Mardre Meyer, creative director at Source IBA, and his team have created. The rooms are called studios, and that’s what they reflect. The first thing anyone on my team does is spend a day understanding the tone of voice of the brand, which is relevant, humorous and ambiguous.

What are some interesting projects here?

We’re working on a few different applications. Howie J Nicholsby, who designed kilts for Lenny Kravitz and Vin Diesel, has created five different kilts for some of the guys to wear downstairs. We also have RED BMW motorbikes to drive guests around. In each of the studios, you’ll find portable coffee cups with artwork from emerging local artists who entered a RED competition. Overall, guests can look forward to seeing something new and feeling engaged. They’ll have a very different experience here.

Will art be a changing element in the space?

While most of the main artistic elements are fixed – Cameron Platter is the brand’s signature artist and much of his work is application – we’ll use local art to complement what’s here already.

How will the design impact on a guest’s experience?

Visually, it has a big impact. From the minute you enter the main hall it becomes clear that it’s not an experience you could’ve anticipated. There’s no front desk, you’re surrounded by art, there’s a creative team and a social team… Every aspect of the hotel is like this, including the OUIBar + KTCHN, with high ceilings and expansive windows that lend to its gallery-esque feel.

The rooftop is a really great area – as Mardre describes it, ‘very Instagrammable’. What do you like most about it?

There are some subtle touches up here, like the organic garden that’s made up of drought-friendly plants because we’re mindful of our sense of place. The nature of the rooftop also makes it flexible to change with the day and the seasons, starting with morning yoga and pilates, and as the day unfolds it’ll be where people gather for lunch, afternoon cocktails and more.

  • Radisson RED in Cape Town opens on 12 September 2017. Visit radissonred.com for more information.

 


 

Source

HouseandLeisure 

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tomy.hilser@hypenica.com (Super User) Commercial & Industrial Property Development Fri, 08 Sep 2017 09:55:54 +0200
SA hotel industry poised for growth http://www.cbn.co.za/property/commercial-industrial-property-development/sa-hotel-industry-poised-for-growth http://www.cbn.co.za/property/commercial-industrial-property-development/sa-hotel-industry-poised-for-growth Hotel Industry - [https://s3-eu-west-1.amazonaws.com/userlike-cdn-blog/industry-posts/hotel-bell.jpg]

The hotel industry in South Africa is poised for growth, says Tourism Deputy Minister Elizabeth Thabethe.

Speaking at the Hotel Show held in Johannesburg on Sunday, Deputy Minister Thabethe said according to the 2016 hospitality report by Price Waterhouse Coopers, the number of available hotel rooms will rise at a 0.8% compound annual rate to 63 700 in 2020, from 61 100 in 2015.

The report projects that bed-night stays will increase at a 1.9% compound annual rate to 14.6 million in 2020, from 13.3 million in 2015.

Overall hotel room revenue is expected to expand at a 7.8% compound annual rate to R20.6 billion in 2020, from R14.2 billion in 2015.

Deputy Minister Thabethe said South Africa now has 118 869 star graded rooms across approximately 5354 accommodation establishments, including hotels, lodges and B&Bs.

“The growth in overseas arrivals, the increase in the number of star graded establishments, and the range of accommodation options on offer indicates that our destination is perfectly suited to meet the needs and budgets of our visitors.

“We are confident that there is potential for even further growth in tourism in our country,” the Deputy Minister said.

She said when it comes to business events, African destinations are fast earning their rightful place as host destinations.

“African destinations offer the world exceptional, unfiltered, life-inspiring authentic experiences. From our history and heritage to the wildlife and natural beauty - Africa never fails to create a lasting impression on travellers from across the globe,” Deputy Minister Thabethe said.

She said in 2010, South Africa proved naysayers wrong and earned its stripes and successfully hosted the World Cup which was a first for the African continent.

“The great experiences that the soccer fans and visitors had during that time have converted them to regular tourists to our country. We must make every effort to continue hosting shows like this in South Africa,” she said.

She said tourism operators must keep abreast of tourists needs, especially as their needs change in the rapidly developing technology space.

“We have to make sure that we provide guests with exceptional products and excellent service,” she said.

The Department of Tourism is training and upskilling people in the industry to deliver on this promise, across all touch points of the consumer journey.

“Government and industry must continue to work together to make the tourism sector a leading example of radical economic transformation,” Deputy Minister Thabethe said.

The Tourism BBEEE Charter Council has made good progress in formulating a plan to transform tourism.


 

Source

 

SAnews.gov.za

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tomy.hilser@hypenica.com (Super User) Commercial & Industrial Property Development Tue, 27 Jun 2017 10:06:00 +0200
Tsogo Sun’s Cape Town hotel development nears completion http://www.cbn.co.za/property/commercial-industrial-property-development/tsogo-sun-s-cape-town-hotel-development-nears-completion http://www.cbn.co.za/property/commercial-industrial-property-development/tsogo-sun-s-cape-town-hotel-development-nears-completion Tsogo Sun’s Cape Town hotel development nears completion - [http://www.businessessentials.co.za/wp-content/uploads/2016/08/Tsogo-sun-logo.jpg]

Tsogo Sun’s new dual-brand 19-storey hotel development on the corner of Bree, Buitengracht and Strand streets in Cape Town is entering the final stages of development, with construction expected to be completed by September 2017.

Constructed at a cost of R700 million, the two hotels will add 504 rooms to the Cape Town tourism market. The development – which consists of the SunSquare Cape Town City Bowl and the StayEasy Cape Town City Bowl – is aimed at expanding Tsogo Sun’s offering to provide for both business and leisure travellers.

Tsogo Sun currently operates three full service hotels in Cape Town’s CBD, namely Southern Sun The Cullinan, Southern Sun Waterfront and Southern Sun Cape Sun, as well as the Garden Court Nelson Mandela Boulevard and SunSquare Cape Town Gardens.

This development represents Tsogo Sun’s continued commitment to the city of Cape Town and brings its total number of bedrooms operated in the Cape Town city centre to over 2 000. In addition the Tsogo Sun Group owns the Westin at the CTICC, Radisson Waterfront and Protea Victoria Junction hotels through its controlling investment in the Hospitality Property Fund.

The development consists of a 202-bedroom SunSquare Cape Town City Bowl hotel with five conference venues, the largest of which caterers for up to 140 delegates; Tsogo Sun’s trendy and fast growing Vigour & Verve casual dining offering; a rooftop pool and bar with panoramic views; retail space; a fitness centre; and a StayEasy Cape Town City Bowl hotel, offering 302 bedrooms with a dedicated breakfast restaurant and access to all the facilities on complex. The project also includes ample undercover parking for 300 vehicles.

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tomy.hilser@hypenica.com (Super User) Commercial & Industrial Property Development Sun, 18 Jun 2017 19:07:00 +0200
R460m new offices under development at Century City http://www.cbn.co.za/property/commercial-industrial-property-development/r460m-new-offices-under-development-at-century-city http://www.cbn.co.za/property/commercial-industrial-property-development/r460m-new-offices-under-development-at-century-city R460m new offices under development at Century City

A new development of 16 300 square metres of premium grade offices, which will include new regional offices for Discovery, is to be built on a prime gateway site at Century City.

Being developed by the Rabie Property Group at a cost of R460-million, Sable Park will comprise two four storey buildings of 8 000m2 and 8 300m2 respectively, each with two levels of underground parking.

Designed in a contemporary modern vernacular by the award-winning dhk Architects, the buildings will front on to Sable Road providing high visibility and offering uninterrupted panoramic views of Table Mountain and Table Bay.

Discovery’s Cape Town staff, who will be relocating from elsewhere at Century City due to the expiry of their existing lease, will be occupying the larger of the two buildings.

The second building, which is ideally suited for a large user looking to make a strong corporate statement, is being designed to be flexible and if needs be, could be sub-divided to accommodate smaller users, says Rabie director, Colin Anderson.

David Pierre-Eugene, head of Group Facilities at Discovery, said: “With our existing leasing commitments coming up for renewal, we were on the look out for new premises whereby we could be consolidated into one building and have options for future growth.

“As part of our assessment for new premises, we surveyed other developments outside of Century City and found that from a location, convenience and amenities point of view, Century City was still the best location to meet our requirements.”

Sable Park is situated in the all-green Bridgeways precinct which has become the new commercial and hospitality hub of Century City. The precinct is home to a number of other blue chip companies including the new Absa regional offices, Chevron, Philip Morris, the Business Centre, Thomson Reuters, Mastercard, Derivco, Northfund, Glad Africa and the Rabie Property Group amongst others.

Also located in the precinct is the mixed-use Century City Square which comprises the Century City Conference Centre and Hotel, 15 000m2 of offices, 51 apartments and five restaurants, pubs and coffee shops surrounding a public square and served by 1330 parking bays in a super basement and a structured parking garage.

Century City Square development was recently awarded a 4-Star Green Star – Custom Mixed Use Design rating by the Green Building Council of South Africa, the first development in the Western Cape to achieve this.

Five other office buildings in the precinct have also received Green Star ratings.

Anderson said Sable Park was also being designed as a green development and it was their intention to register it with the GBCSA, aiming for a 4-Star Green Star rating in both the Design v1 and As Built v1 categories.

The Bridgeways precinct also boasts a Virgin Active gym and is in easy walking distance of convenience retailing, spas, three other hotels and the Canal Walk Shopping Centre.

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tomy.hilser@hypenica.com (Super User) Commercial & Industrial Property Development Wed, 31 May 2017 22:54:50 +0200
Century City office demand “simply astonishing” http://www.cbn.co.za/property/commercial-industrial-property-development/century-city-office-demand-simply-astonishing http://www.cbn.co.za/property/commercial-industrial-property-development/century-city-office-demand-simply-astonishing Century City office demand “simply astonishing”

The continued strong take up of offices at Century City has seen almost all new stock being mopped up and overall vacancies dropping to 7,4% in April from just under 10% in January this year and 12,1% in the fourth quarter of last year.

Jason Elley of Rabie Property Group, the developers of Century City, said of the 45 000m2 of new office space that had come on stream in the precinct since November 2015, only 1 040m2 remained to be let.

He said the total lettable area of offices at Century City is currently just under 350 000m2 of which only 25 800m2 is currently vacant.

“And most of this vacant space is in older buildings with 11 000m2 in one building alone – the old PriceWaterhouseCoopers premises -  where we understand a number of options are being explored which if this building is taken out of the office equation, it will reduce vacancies to 4,6%.”

Elley said recent lettings of new premises in Century City included the entire fourth floor comprising 1 158m2 in the Apex building in Century City Square to Mastercard and 446m2 in the same building to Storetech.

“This iconic building, which is also home to Thomson Reuters, Derivco, Norfund and Nocks Oil, has only 296m2 out of 8 100m2 left to let and this is under offer.”

The other new buildings in Century City Square are the Matrix and the Annex. Of the 24 sectional title offices in the Matrix , only two – each of 122m2 - remain to be let while the Annex is fully let.

“At Mayfair Square where 18 units totalling 3 050m2 were bought to the market only one measuring 159m2 remains to be let and this under negotiation.

“Similarly at Grosvenor  Square only two units – one of 212m2 and the other of 192m2 - are still available.”

He said a 300m2 architecturally bespoke studio office which had been custom built for Chris Bam Architects had also recently been completed in the Manhattan Park precinct.

“Demand has simply been astonishing and shows no signs of letting up. We are now in the process of bringing additional stock to the market which will be available from the middle of next year” commented  Elley.

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tomy.hilser@hypenica.com (Super User) Commercial & Industrial Property Development Sun, 28 May 2017 21:20:00 +0200
Cape Town refurbs boost Emira’s Western Cape property portfolio occupancies http://www.cbn.co.za/property/commercial-industrial-property-development/cape-town-refurbs-boost-emira-s-western-cape-property-portfolio-occupancies http://www.cbn.co.za/property/commercial-industrial-property-development/cape-town-refurbs-boost-emira-s-western-cape-property-portfolio-occupancies Cape Town refurbs boost Emira’s Western Cape property portfolio occupancies

Emira Property Fund is continuing its strategic portfolio enhancement programme across the country and has achieved milestone upgrades for several key performing properties in Cape Town.

Emira CEO, Geoff Jennett, says, “We’re strengthening our portfolio by assessing each asset for opportunities to unlock and grow value. As part of our proactive asset management, strategic upgrades are a valuable tool in the responsible rebalancing of our portfolio and reducing our exposure to lower-grade offices. It helps us to optimise the quality and performance of our properties, enhance their value, boost their competitiveness and secure their market position.”

Emira is already reaping the rewards of its investment in its Cape Town properties with increased demand and reduced office vacancy levels. Its office vacancies in the region have improved from 7.4% in November 2015 to 5.2% in November 2016. This also significantly better than the 7.6% Cape Town Office vacancy average reported by SAPOA for Q3:16.

Emira is a medium-cap diversified JSE-listed REIT invested in a quality balanced portfolio of office, retail and industrial properties. Its assets comprise 144 properties valued at R12.9bn. Emira is also internationally diversified through its direct interest in ASX-listed GOZ valued at R940.4m.

Among the assets that Emira has recently upgraded in Cape Town is Boundary Terraces, its premier Cape Town office building. Located in Newlands, Boundary Terraces is an office park with 8,000m2 of quality offices. Constructed in 1995, it is well located on the periphery within easy walking distance of Claremont CBD and all its amenities. Its refurbishment ensures it retains its status as an A-grade business address and is appealing to its corporate tenants.

Externally, entrances to its office blocks were emphasised and modernised with new canopies and stairs. Internally, all common areas were stripped and remodelled with a welcoming contemporary professional look.  

In addition, green technologies were introduced with LED lighting throughout and sensor-driven toilets helping keep utility charges to a minimum. Lifts are also being replaced in all of the office blocks.  

Jennett explains, “Emira’s upgrade of Boundary Terraces is strategic in that it enhances the value of the property and ensures it’s a competitive A-grade player in the Newlands/Claremont office node.”

He adds that Boundary Terraces have always had minimal vacancy and attracted top tenants. PPS recently opted to take additional space here and extend their lease. Other tenants include WWF, ASISA and MMI.

Another recent refurbishment by Emira was the 5,000m2 Waterside Place Tygervalley Waterfront. With high-profile blue-chip tenants, including AECOM and MTN, the property was originally constructed in 2001 and acquired by Emira in mid-2014.

Bringing the building in line with the latest top-quality office space, Emira modified Waterside’s exterior entrance, adding new tiling, a welcoming entrance canopy and modern frameless glass doors.

It also replaced dated water features with contemporary landscaping and changed all external lighting to emphasise the building’s attractive architecture. Inside, Waterside Place’s lobbies, toilets and staircases were transformed with new ceiling bulkheads. Old balustrades were replaced with contemporary glass and stainless steel and its lift car was refurbished. A generator was added providing full power to the building in the event of power outages.

Importantly, in line with Emira’s environmental policies, the project also improved the office’s resource efficiency by adding energy-efficient lighting with motion sensors to common areas, as well as automated taps and dual-flush toilets which help conserve water.

Jennett says, “Our investment in this project has created a better workspace for its occupants, one that is also more cost-efficient to occupy, while furthering Emira’s goal of a better quality portfolio.”

In the Cape Town CBD, Emira recently modernised its landmark building at 9 Long Street. Formerly known as Wesbank House, on the prominent corner of Long and Riebeek Streets, its old 1980s concrete façade was repainted and modernised with stunning glass and louvre finishes. Now fully-let, its large office floorplates have been taken by two tenants. The building also extends along Long Street to the corner of Waterkant or ‘fan mile’ corner where it is home to the City Bowl’s first Dunkin Donuts.

What’s more, with this project Emira’s investment in its building is also a meaningful investment in the community. In support of inner-city regeneration and community upliftment, Emira has collaborated with U-Turn to open its first inner-city shop at 9 Long. U-Turn (www.homeless.org.za) is a Cape Town charity that, in partnership with Cape Town CID, aims to bring wholeness to the homeless and restore the self-worth and self-esteem of the adult homeless person by addressing their spiritual, physical and emotional needs. In doing so, it aims to help them back into society. 

 In addition, Emira is committed to continue unlocking value from its Mother City properties.

Emira’s latest Cape Town project is about to commence at 80 Strand Street. This office building is superbly situated on a prominent corner in the CBD, halfway up the popular Bree Street. In partnership with Swish, joint owners of the building, this B-Grade office tower will be renewed back to its former A-Grade glory with a complete overhaul.

All common areas, including loos and lobbies, will be upgraded and all lifts and air-conditioning will be replaced.  The finishing touches, which will modernise the exterior of this landmark building, are still on the drawing board. However, with its 9 Long Street upgrade as the benchmark, Emira is confident it will create an appealing, contemporary design that enhances the city’s urban fabric. 

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tomy.hilser@gmail.com (CBN) Commercial & Industrial Property Development Thu, 08 Dec 2016 20:54:20 +0200
Annex in Century City Square now fully let http://www.cbn.co.za/property/commercial-industrial-property-development/annex-in-century-city-square-now-fully-let http://www.cbn.co.za/property/commercial-industrial-property-development/annex-in-century-city-square-now-fully-let Century City

The 3,500m2 Annex building, which forms part of the mixed use, all-green Century City Square development, has been fully let.

Jason Elley of Rabie Property Group, developers of the award-winning project, said 500m2 on the first floor had been let to Xhibit, while the second floor of just over 1,000m2 had been let to IT Lab which moved in this month.

He said Rabie itself has taken the top floor of just over 1,000m2 with the third floor being let to engineering group, Glad Africa – which has taken around 620m -  and a global insurance company which is moving into the South African market.

Elley said the offices in the Annex, which adjourns the Century City Conference Centre and which has a Seattle Coffee shop on the ground floor, had achieved rentals of around R165 per square metre.

There is no doubt that Century City has come into its own and demand for office space in the precinct shows no let up.

“A number of recent large deals has seen most of the new office space in the precinct being taken up. In fact, as we stand now we have very little new stock available, particularly for larger users and this is requiring that we push the button on further new development in the precinct to meet the continuing demand.”

Century City currently has around 350,000m2 of offices making it the third largest commercial node in the Western Cape after the Cape Town CBD and Bellville.

Elley said the new tenants in the Annex had decided to relocate to Century City for a number of reasons including its central locality, its safe and secure environment,  its world class amenities including Canal Walk shopping centre and its extensive public transport system to name just a few.

“There is no doubt the tenants moving into Century City Square have been attracted by the bustle of the Square with its restaurants, coffee shops and pubs as well as the Virgin Active right on the doorstep.

“And then of course there is Century City Connect which provides an open access fibre optic network offering those living and working in Century City access to the country’s fastest broadband data, voice and multi-media services.”

The R1bn Century City Square development has been awarded a 4-Star Green Star Custom Mixed Use Design rating by the Green Building Council of South Africa, the first development in the Western Cape to achieve this.

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tomy.hilser@gmail.com (CBN) Commercial & Industrial Property Development Wed, 30 Nov 2016 07:24:00 +0200
City proposes management model for Cape Town Stadium http://www.cbn.co.za/property/commercial-industrial-property-development/city-proposes-management-model-for-cape-town-stadium http://www.cbn.co.za/property/commercial-industrial-property-development/city-proposes-management-model-for-cape-town-stadium City proposes management model for Cape Town Stadium

The City of Cape Town has proposed the establishment of a municipal entity to manage the Cape Town Stadium. Interested and affected parties are invited to submit comments, recommendations and input on this proposed management model for the Stadium.

The establishment of a municipal entity is the proposed preferred management model for the Cape Town Stadium. The proposed municipal entity will operate as a State-owned company with an independent board. The City will be the sole shareholder.

The municipal entity will be tasked with appointing a specialised service provider whose primary function will be the commercialisation of the Stadium to increase its use and financial viability. This will ultimately reduce financial dependence on the City’s fiscus.

In terms of the Municipal Finance Management Act, an assessment of the financial implications that this would hold for the City had to be completed before a final decision to establish a municipal entity could be taken.

The assessment considered the impact that the creation of a municipal entity would have on City staff employed at the Stadium and on the assets and liabilities of the Stadium.

The information statement and assessment are now available for public comment and input during a month-long public participation period. These documents can be accessed on the City of Cape Town website: www.capetown.gov.za/haveyoursay or at the City’s libraries and subcouncil offices.

Residents and interested and affected parties may submit their comments and recommendations from today, 12 November 2016 until 12 December 2016, using one of the following platforms:

  • Via e-mail to Richard.Wootton@capetown.gov.za
  • Via fax to 086 202 8751
  • Via a written submission posted to the Office of the Chief Financial Officer, for attention: Richard Wootton, City of Cape Town, Private Bag X9181, Cape Town, 8000

"Our goal is to minimise the financial losses currently being experienced by the Cape Town Stadium and to maximise the potential income streams. We are committed to enhancing the financial sustainability of this key strategic asset, which will in turn reduce the cost burden on the City’s rates book, while maximising the benefit of the Stadium to the city community and economy. Members of the public are urged to make use of this public comment period to submit their recommendations and input on the establishment of a municipal entity as the preferred management model for the Cape Town Stadium," said the City’s Executive Deputy Mayor, Alderman Ian Neilson.

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tomy.hilser@gmail.com (CBN) Commercial & Industrial Property Development Sun, 13 Nov 2016 22:45:47 +0200