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Texton Property Fund plans to acquire R228.87 property portfolio

Oct 20, 2014
Rob Kane
Texton Property Fund announces its intention to acquire various properties for R228.87m. 

Department of Environmental Affairs head office achieve 6 Green Star rating

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Southdale Shopping Centre undergo complete revamp

Oct 15, 2014
Southdale Shopping Centre
Southdale in Johannesburg is undergoing a complete revamp in order to realign with the…
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)

Rob Kane

Texton Property Fund plans to acquire R228.87 property portfolio

October 20, 2014 Listed Property eProp Commercial Property News
Texton Property Fund announces its intention to acquire various properties for R228.87m. 

SECTOR - OFFICE/RETAIL/INDUSTRIAL/HOTELS

Southdale Shopping Centre

Southdale Shopping Centre undergo complete revamp

October 15, 2014 Retail Property eProp Commercial Property News
Southdale in Johannesburg is undergoing a complete revamp in order to realign with the requirements and demographics of shoppers in the area.

ECONOMY & PROPERTY ECONOMICS

Derek Hanekom

Tourism industry continues to grow despite challenges

October 13, 2014 Sector Environment eProp Commercial Property News
Tourism Minister Derek Hanekom says despite the global financial crisis and all other challenges, the tourism industry has continued to grow.

AFRICAN & INTERNATIONAL PROPERTY NEWS

London South Bank Tower

The rise of the £1m London house price tag

October 09, 2014 International News eProp Commercial Property News
Pam Golding Properties markets new development in Wimbledon.

CONSTRUCTION & INFRASTRUCTURE

Construction Industry

SARS concerned about low level of tax compliance in construction industry

October 05, 2014 Construction eProp Commercial Property News
SARS is concerned about the low level of tax compliance in the construction industry‚ whose reputation was tarnished by bid-rigging and price fixing.

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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Louis Deppe

Living in an emerging market and with more than 15 years experience working in the property sector in both Sub-Saharan and South Africa, Louis has seen first-hand how an expanding middle class and growing economy can transform the built environment and impact…