All 24 sectional title offices in a new mixed use development, The Matrix, at Century City, have been sold for a total value of around R90m ahead of completion.
The Matrix forms part of the R1bn Century City Square development, which includes a 1,200 seat conference centre, a 125 room hotel, restaurants, offices and apartments all situated around a public square and served by 1,330 parking bays.
The building comprises 1,300m² of double volume retail on the ground floor, three floors of offices totalling 4500m² topped by three floors of apartments. All 51 apartments in the development have also been sold off plan for a total of R100m way ahead of completion.
Jean Theron of developers Rabie Property Group says the sectional title offices, which vary in size from 118m² to 345m², have been sold to a mix of owner occupiers and investors.
“We are now busy letting the sectional title offices for investors at R165 per m² and, as the offices get nearer to completion, interest is picking up strongly particularly among small to medium size companies wanting to be situated in this new commercial hub which is populated by large national and international corporates such as:
- Philip Morris
- Thompson Reuters.
In fact the Matrix offers a unique opportunity for smaller users to be situated in this new commercial and hospitality precinct and its edgy mix of retro and contemporary architecture and combination of face-brick facades with concrete, glass and steel, makes a strong creative statement,” says Theron.
Occupation is expected from early April with transfers expected to take place on a phased basis from mid-April.
Theron said with over 1,300 parking bays owners and tenants would have no shortage of parking.
“Flexible parking solutions are available allowing high parking users’ unrivalled parking ratios,” he says.
He said many factors added to the appeal of Matrix to both residents and businesses.
“These include its location at the heart of the new commercial hub of Century City with three restaurants and three coffee shops spilling out on to a public square; its access to high speed fibre optic connectivity through Century City Connect; its access to public transport with its own MyCiTi stop and in easy walking distance from the Century City Railway Station and the fact it had been developed as a Green building which will substantially reduce operating costs going forward,” Theron adds.
According to Theron, negotiations for the ground floor showrooms and retail space are proceeding with interested parties to ensure the best possible tenant mix.