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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.
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.
There will be a feeling of déjà vu about November’s listing on the JSE of Spear Reit, a property investment vehicle focusing exclusively on the Western Cape.
Growthpoint Properties Limited today posted distribution growth of 6% for its full year to 30 June 2016, delivering results at the top of its market guidance.
Construction of Palm Brook, the fifth block of apartments in the Oasis Luxury Retirement Resort at Century City where 23 apartments have already been sold for more than R120million, has now commenced.
Properties bought off plan in new residential developments in Century City in recent years have shown capital appreciation of between 20 to 35 percent by the time purchasers have taken transfer 18 months later.
A 3000 square metre, low-rise, sectional title office development designed to meet the demand of owner occupiers wanting their own smaller buildings with their own corporate identity are under construction at Century City.
Construction of Manhattan Quarter, a complex of 63 apartments overlooking the Grand Canal in Century City, has topped out and is on schedule for completion in mid-October.
Three homes are now completed with a further 11 homes in the final phase already well under construction in upmarket Baronetcy Estate, situated in prime position in Plattekloof in Cape Town’s popular Northern Suburbs.
Absa Bank is set to consolidate its 14 offices in the Western Cape to one centrally located regional office at Century City.