Sure seller: R130m complex in prime Tyger Valley spot Rooms with view at Bellville office block.

Posted On Monday, 20 January 2003 10:01 Published by
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CIVILS work has been completed and the builders have begun construction of the first phase of a new office block development in Tyger Valley.

CIVILS work has been completed and the builders have begun construction of the first phase of a new office block development in Tyger Valley.

The development, Tyger Valley Chambers, is being built on a prominent 1.2ha site on Willie van Schoor Drive at a cost of R130 million.

It will consist of 15 000m2 of A-grade office space with views over the Tyger Valley Velodrome, the Tyger Waterfront and Table Mountain.

The site is the last available piece of land suitable for an office block of this magnitude. The location of the development, which will consist of five separate buildings with four storeys each, is ideal for professional business premises.

A consortium of five investors is currently in negotiations to acquire the building next to Willie van Schoor Drive for R27m for letting purposes. Care was taken for ample parking with a ratio of 5.5 bays per 100m2, about 40% more than the norm of four bays per 100m2. Nearly all the parking will be under cover.

The developer is Charles Potgieter in partnership with Cape of Good Hope Bank. Derick Henstra of dhk Architects designed the buildings. Potgieter said the timeless architecture and the location of the building with its panoramic view are main features of the development. Easy access and ample parking is also a major plus point.

'The Tyger Valley area has gained much in popularity in the last few years with virtually all the buildings currently being new. The modern style of Tyger Valley Chambers will complement surrounding buildings and provide an economic boost to the area to further enhance the viability of Tyger Valley,' said Potgieter.

Derick Henstra, senior partner of dhk, said the design of Tyger Valley Chambers is contemporary with an international flavour. 'The stepped nature of the site has enabled the dhk design team to open up the views to almost all offices, and view corridors will be kept open through the lower levels of the complex,' Henstra said.

Renier van Rooyen, of Park 2000 Marketing, who is responsible for the marketing of the development, said Tyger Valley Chambers provided an ideal investment opportunity. 'Location plays an important part in the value and growth potential of any property. Tyger Valley Chambers offers exceptional value in this regard with a strong potential for growth, as suitable land for development in the area is taken up,' said Van Rooyen.

Rental amounts to R70.95 per m2 with a projected cost of R78.38 per m2 with the expected completion of the building in August 2003.

 The purchase price is from R7 030 00 per m2. Van Rooyen said buyers now would more than likely benefit from a projected three percentage point drop in interest rates by the time they began payments at the end of this year.

Tony van Heerden from Cape of Good Hope Bank said the ease of access and location would make it most sought-after. 'We are very excited about the development and convinced that Tyger Valley Chambers will contribute to the area becoming one of the country's most prosperous business areas,' Van Heerden said.

Publisher: Weekend Argus
Source: Weekend Argus

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