ApexHi acquires Capital Centre.

Posted On Wednesday, 16 April 2003 02:00 Published by eProp Commercial Property News
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DURBAN ApexHi Properties has acquired Maritzburg-based retail development Capital Centre for R20m. The acquisition is in line with the property holding company's strategy of investing in high-yielding instruments.

Brian AzizollahoffSince listing on the JSE Securities Exchange SA in March 2001, the company has boosted its KwaZuluNatal footprint to 28 properties, which are worth R297m, from two worth R84,4m.

MD Brian Azizollahoff says the 10000m² Capital Centre in the central business district has a stable tenant profile, with national retailer Pick 'n Pay as its anchor tenant and Pep, Kentucky Fried Chicken, Bradlows, Sheet Street and Credit Indemnity occupying most of the remaining space.

The acquisition has expanded the retail component of the company's portfolio, which consisted largely of office buildings.

Azizollahoff says the company has a 14,8% vacancy rate in KwaZulu-Natal, compared to the average Durban central business district (CBD) vacancy rate of 20%.

The group has also invested R3m in upgrading and refurbishing the lift in the high-rise portion of its 320 West Street building.

Broll KwaZulu-Natal property manager Alan Jordan says companies that moved to Umhlanga and other outlying areas three years ago have experienced rent discrepancies and transport problems.

"Rentals in the Durban CBD are almost half those of some of the more up-market office developments in outlying areas.

"Businesses are also finding that key staff are experiencing difficulty in getting to work via the public transport system, which is well established in the CBD, but not in other areas," Jordan says.

Last modified on Tuesday, 06 May 2014 10:24

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