Rocke, standing alongside Johannesburg’s new Mayor Herman Mashaba, addressed the audience of the sod turning ceremony and confirmed that the well reputed building contractor Adamson Nielsen Construction had commenced with excavations for the four level basement and were set to complete the fifteen storey skyscraper around the middle of 2018.
Rocke added that, “The investment value of approximately R475 million including VAT would add around six hundred temporary jobs to the economy, one hundred and twenty of which would become permanent. The significance of this particular investment is that the private businesses who will make up the majority of end-users in the building are shareholders in the development company and will take transfer of their office suites at cost price. The cost price nature of the end-product has enabled those businesses to easily secure the necessary funding as the banks perceive higher values when considering LTV ratios.”
Rocke then introduced the Honourable Executive Mayor Councillor Herman Mashaba to those in attendance. Mayor Mashaba immediately emphasized the important role which the private sector plays in job creation saying, “It is the responsibility of the Government to support and encourage private initiatives such as this property development by FWJK, the reason being that the rates and taxes generated by the private sector provide the income that the Government needs to create opportunities and programmes which benefit the majority of South African citizens.”
Mayor Mashaba went on to challenge Gauteng property developers to propose solutions to fast-tracking the re-development of inner city buildings which could give new life to the City of Johannesburg, provide additional jobs and create safe and affordable spaces for the city’s residents.
The Illovo Point mixed-use development will offer 15 750m² of premium AAA Grade office space as well as quality ground floor restaurants.