Thursday, 08 June 2017 17:36

FWJK Developments sells out Rigde 7 in Umhlanga

Written by
Rate this item
(0 votes)

FWJK Developments has announced the go ahead of its seventh A Grade office block at Ridgeside, Umhlanga to be known as Ridge 7.

Ridge7_in_Umhlanga

According to Kobus Blom, a director of FWJK Developments, the R190 million sectional title development has been sold  on FWJK's co development at cost basis to a mix of investors and end users seeking out the opportunity to secure brand new offices at cost without developer's profit mark-up. The prevailing very low vacancy factor in the Ridgeside Office Estate Precinct has underwritten the sales success of this development.   

Designed by FWJK's architectural division, the building will offer 8,000m2 of prime sea facing office space with five parking bays per 100m2 and will have its own signature cafe for the entertainment of the building's occupants and clients.

Investec approved the development funding for the Ridge 7 project on the strength of the offering’s value, the calibre of its investors and FWJK’s track record, said Brendon Wray of Investec Private Bank. Investec has also funded numerous other FWJK projects including their highly successful R280 million Coral Point development at Sibaya, Durban.  In Cape Town, Investec has also funded their R230 million Touchstone House office development and two further residential developments currently under construction being the R340 million Obs Court development and their R380 million Docklands development. 

Construction of Ridge 7 will commence in August 2017 and will be complete during the first quarter of 2018 added Blom.

Last modified on Thursday, 08 June 2017 17:48

Most Popular

Hyprop Investments subsidiary acquires flagship shopping centre in Sofia, Bulgaria

Jul 20, 2017
Pieter Prinsloo Hyprop CEO
UK-based Hystead Limited (Hystead), co-owned by Hyprop Investments Limited (Hyprop) and…

Trematon Capital Investments diversifies portfolio with investment in UK Real Estate Private Equity Market

Jul 20, 2017
Arnold Shapiro Trematon
JSE listed Trematon Capital Investments Limited, the Western Cape focused actively…

The evolution of Cape Town’s skyscrapers

Jul 19, 2017
Stuart Chait Chairman of Land Equity Group Med
Lofty, proud and soaring, the first skyscraper buildings in Cape Town were built more…

Encouraging news for home buyers - repo rate now 6.75%

Jul 20, 2017
Andrew Golding Pam Golding
Home buyers and those with mortgages will be encouraged by today’s announcement by the…

Building wealth through multiple properties

Aug 01, 2017
Praven Subbramoney
Many individuals who already own more than one property mistakenly overlook key…