INVESTEC Property’s newly redeveloped 345 Rivonia Road office building has secured healthcare and diabetes care company, Novo Nordisk, as a tenant.

The building in Rivonia, which is located in a prime position at the intersection of Rivonia Road and 10th Avenue, was chosen by Novo Nordisk as a quality environment for its 2000m² South African head office.

The A-grade building is nearing completion and Novo Nordisk is set to take occupation in the fourth quarter of this year.

“There are gratifying activity levels when it comes to leasing A-grade space in Rivonia,” says Gavin Bernstein of Investec Property.

“Rivonia does have a high vacancy factor, but it comprises primarily B- and C-grade office space, while experiencing a shortage of A-grade offices. The Novo Nordisk deal for 345 Rivonia Road supports this,” he says.

Bernstein says the redevelopment of 345 Rivonia Road has created a building that effectively offers the same exceptional standards as the most modern new offices but with much more competitive pricing, resulting in a niched quality product with a competitive advantage.

The building is located on a main road directly off the N3 Highway and on a proposed Bus Rapid Transport route, making it convenient for staff and visitors alike.

While achieving the asking rental for an A-grade building in the node, the rentals represent a major discount against similar buildings in nearby Sandton. “Tenants are able to enjoy the same top-quality premises as they would in Sandton, with good access and up to 25% lower rental than a similar standard in Sandton Central,” says Bernstein.

The flexible office space at 345 Rivonia Road is ideal for a multi- tenant environment with individual spaces ranging from 800m² to 2000m² Each building has a ground floor and two additional floors, served by a triple-volume entrance lobby that can be accessed by two entrances.

Green building principles have been used wherever feasible in the redevelopment. Almost all of the building materials from the original buildings were recycled. The new buildings also feature energy-saving lighting. Large old trees on the site are being retained, and the grounds feature indigenous plants.

Novo Nordisk’s commitment to 345 Rivonia Road in its development stage has ensured that its new offices ideally cater to its needs. A balcony has been created to be used for meetings and events. Bringing the outdoors in, the top-floor balcony provides views over Johannesburg, with the western view extending to the Magaliesberg on a clear day.

Investec Property is in advanced negotiations with other large corporations to take up the majority of the space at 345 Rivonia Road. The company owns three other buildings in the area, which it hopes to refurbish in line with this project and market demand, which together could provide about 16000m²

Source: Business Day