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Billion rand Grove Mall of Namibia opens its doors

Oct 24, 2014
Grove Mall of Namibia
The Grove Mall of Namibia the largest shopping centre ever to be developed in the country…

RICS appoint TC Chetty as Country Manager for South Africa

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The Royal Institution of Chartered Surveyors (RICS) is proud to announce the appointment…

The property sector is running out of time to adapt its charter

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The deadline to align the Property Sector Transformation Charter with the DTI's Revised…

Heidelberg Mall's highly anticipated opening brings thousands of shoppers

Oct 23, 2014
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The new R600 million Heidelberg Mall opened with thousands of shoppers descending on the…

Servest and Colgate Palmolive select Waterfall for new corporate offices

Oct 23, 2014
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Atterbury Property will develop offices for leading companies Servest and Colgate…

GO!Durban launches Empowerment Charter

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Ethekwini Municipality Mayor Councillor James Nxumalo at the launch of the GO!Durban…

Gauteng seeks investors for planned aerotropolis

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Gauteng roads and transport department is looking for investment partners for its plan to…

InterContinental Hotels Group books rising revenues

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Africa’s built environment is undergoing unprecedented change

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Mark Wally, Regional Managing Director for Europe, Middle East and Africa at the Royal…
Wednesday, 16 February 2011 02:00

Refurbished 1 Thibault Square fetches high rental renewals

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Almost forty years after its completion, the landmark Revel Fox-designed office block at No 1 Thibault Square is undergoing a R25-million refurbishment

The 35-storey Modernist building, originally known as the BP Centre, is situated on Cape Town’s European-style Thibault Square at the end of St George’s Mall. Underscoring its appeal, No 1 Thibault Square has realised excellent returns during a period in which the global financial crisis impacted negatively on all sectors of the South African property market. Of the total lettable area of 36 000 square metres, the vacancy rate is running at a remarkably low 5%.

“We paid what we considered quite a lot when we bought the building in 2006,” says Adam Blow, executive director of Zenprop, “but we had huge faith in the future of the Cape Town CBD and had a feeling that rentals were going to escalate – which is exactly what’s happened.”

Says Zenprop property manager, Janine Coleske: “In the past year, four of our blue-chip clients, occupying about 1 000 square metres each, have increased their space requirements by between 30 and 100 percent, taking up an entire additional floor in two instances, and entering into new five-year leases. And we’ve managed to achieve an average rental of between R115 and R120 per square metre.”

The refurbishment has included work on the six high-rise lifts, which have been modernised at a cost of about R12 million. The Miconic 10/Schindler destination-control system has reduced both crowding in the lobby and travel time in the lifts. The Schindler AC gearless machines offer power savings, and safety mechanisms are cutting edge.

The façade of the building, which consists of precast column and beam liners with an exposed dark Paarl granite (chosen to echo the colour of Table Mountain), is also being given a facelift. Major repairs are being carried out on various concrete panels at a cost of about R6 million.

The parking levels have all undergone a complete upgrade, and refurbishment work is ongoing on the rest rooms throughout the building.

Thibault Square is a favourite chill-out spot for office workers and visitors to the city, who flock to its cafes and coffee shops throughout the day. And while John Skotness’s Mythological Landscape steel-and-bronze sculpture provides a focal point in the piazza, it’s No 1 Thibault Square that always draws the eye. The office block is still the tallest building in the Cape Town city centre, and even when it was designed over four decades years ago, environmental factors were taken into consideration.

The 34-degree diagonal twist, which puts it on a north-south axis, reduces sun loads on the facades, putting less pressure on the airconditioning system. To further shield the facades, a precast screen is mounted on every floor, allowing good air flow and cutting off direct sun rays. This unique orientation also means that all the offices have views of either the mountain or the harbour, and that none stare straight into the facades of the surrounding buildings.

The skyscraper quickly became a landmark, and in 2008 was acknowledged in a national survey by the South African Institute of Architecture to be one of the country’s “good buildings”.


Publisher: eProp
Source: Zenprop

LISTED PROPERTY (SA REIT)

Servest Waterfall

Servest and Colgate Palmolive select Waterfall for new corporate offices

October 23, 2014 Listed Property eProp Commercial Property News
Atterbury Property will develop offices for leading companies Servest and Colgate Palmolive at Waterfall.

SECTOR - OFFICE/RETAIL/INDUSTRIAL/HOTELS

Heidelberg  Mall

Heidelberg Mall's highly anticipated opening brings thousands of shoppers

October 23, 2014 Retail Property eProp Commercial Property News
The new R600 million Heidelberg Mall opened with thousands of shoppers descending on the hot new shopping destination in southern Gauteng.

ECONOMY & PROPERTY ECONOMICS

TC Chetty RICS SA Country Manager

RICS appoint TC Chetty as Country Manager for South Africa

October 23, 2014 Sector Environment eProp Commercial Property News
The Royal Institution of Chartered Surveyors (RICS) is proud to announce the appointment of TC Chetty as its new Country Manager for South Africa.

AFRICAN & INTERNATIONAL PROPERTY NEWS

Grove Mall of Namibia

Billion rand Grove Mall of Namibia opens its doors

October 24, 2014 Africa eProp Commercial Property News
The Grove Mall of Namibia the largest shopping centre ever to be developed in the country and spanning some 55,000sqm opened its doors.

CONSTRUCTION & INFRASTRUCTURE

GODurban

GO!Durban launches Empowerment Charter

October 23, 2014 Transportation Focus eProp Commercial Property News
Ethekwini Municipality Mayor Councillor James Nxumalo at the launch of the GO!Durban Empowerment Charter.

PROVINCES & CITIES

Dube TradePort Durban

Dube TradePort granted Industrial Development Zone status

October 07, 2014 KwaZulu-Natal eProp Commercial Property News
The Dube TradePort in Durban will formally become a special economic zone.
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PROPERTY AUCTIONS

SS Chebema Flats

114 apartment and retail block at 135 Jeppe Street to be on auction

September 29, 2014 Commercial Property Auctions eProp Commercial Property News
An 114 apartment and retail block at 135 Jeppe Street, Joburg, and a Sandhurst villa with four bedrooms at 121 Empire Place will be on offer at the High Street auction on Tuesday 30 September 2014.

GREEN BUILDING & ENVIRONMENT

Department of Environmental Affairs

Department of Environmental Affairs head office achieve 6 Green Star rating

October 17, 2014 Green Building & Environment eProp Commercial Property News
The official opening of the Department of Environmental Affairs' new head office a 6 Green Star SA Office Design rated building in Pretoria.

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Holden Marshall

Holden Marshall

Holden commenced his career with Standard Bank in 1981. In 1995 he joined Syfrets Bank, which specialised in property lending, holding the position as Head of Credit. Following various mergers he held the position of Regional Head of NIB/Nedbank Corporate…