Investors have snapped up more than half of the 23 sectional title office suites in The Gatehouse, a new 3000 square metre office block at Century City, since its launch two months ago and ahead of construction starting.
Colin Anderson of developers, the Rabie Property Group, said they had 12 confirmed sales of office suites with a further three units under offer and strong interest being shown in the remaining units which vary in size from 70 square metres to 220 square metres.
“This proves that even in the current market there is a demand for the right product in the right location.”
The Gatehouse follows the successful sell-out and completion of a neighbouring sectional title office development, The Forum.
“Sales to date at The Gatehouse have been primarily to investors who see the benefit of adding an affordable commercial property investment to their portfolio and leveraging their investment, particularly in the current climate of lower interest rates. Most of these investors have previously invested in other Rabie developments at Century City and have been extremely satisfied with the returns.”
Anderson said they were also seeing an increasing level of inquiries coming from potential owner occupiers and expected The Gatehouse, construction of which is scheduled to start next month with completion set for mid 2010, to be sold out shortly.
“In fact due to the continued strong demand from small to medium size users for sectional title offices at Century City we are now planning another one,” he said.
The Gatehouse is to be built on a prime site at the Ratanga Road entrance to Century City at a cost of around R50m with office suites selling from R1,2million.
The building, which will enjoy excellent visibility from the busy Ratanga Road, will be situated in a vibrant business precinct which is also home to the new state-of-the-art Virgin Active health club, the trendy Colosseum mixed use development which includes convenience retailing, cafes, restaurants and a hotel and the mega R700m Crystal Towers development which comprises a 180-room five star hotel, 90 luxury apartments, 6500 square metres of offices and restaurants.
“As such it is ideally situated for small to medium size companies who may not have their own boardrooms or canteens as there are numerous venues in easy walking distance where one can meet clients or grab a bite to eat,” says Anderson.
The three-storey building is situated alongside the landmark BMW Gateway building and has been designed by architect, Tim Hughes, to form one harmonious whole with it incorporating an impressive piazza area between the two buildings.
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