Hyprop has concluded a deal to dispose of The Grace building in Rosebank to Southern Sun for R85 million. The transaction encompasses the sale of the entire building including the hotel premises and offices.
CEO Pieter Prinsloo says the sale is in line with strategy to divest from non-core assets. "We are pleased to have concluded a speedy transaction, in this instance with Southern Sun which is keen to establish their first hotel in the Rosebank node." Southern Sun is planning to re-open the hotel under their own brand in the first half of 2012. eProp speculates that the office component may well form part of the new accommodation.
Hyprop's future focus in Rosebank remains the planned extensions to The Mall of Rosebank and increasing its retail footprint in this high-growth node. It also owns a substantial property adjacent to The Mall of Rosebank which will no doubt be considered in tandem with any redevelopment strategy of the Mall.
Publisher: eProp
Source: HIL
