Co-owned by Liberty Holdings and Pareto Ltd, the upgrade will be managed by Liberty Properties. The Sandton City Office Tower has been a focal point in Sandton from its location on 5th Street since it opened for business in 1973. Visible from vantage points across the greater Johannesburg area, the 22 storey high-rise is one of the most recognisable landmark buildings in the Sandton node.
Graham Kusano, Divisional Director of Property Development, Liberty Properties comments, 'During its 40 year tenure, the building has undergone routine maintenance and safety checks.
The building remains structurally sound but, given the age of the building, routine restorative and preventative maintenance needs to be undertaken.' Two independent firms of structural engineers completed recent audits of the building to assist in developing the programme.
Kusanosays a decision to launch a simultaneous aesthetics and security upgrade of the building coincides with the maintenance works.He adds that the exterior of the building will be revived in line with current development in the broader Sandton complex. 'A new glass façade will ensure it remains relevant in the prestigious Sandton Central node.
In addition to the refurbishment of the façade, routine maintenance work will be conducted and we anticipate the project to be completed in approximately 18 months.Existing tenants are fullyapprised of the situation and can rest assure that all occupational, health and safety regulations will be adhered to at all times during the course of the project.'
Amelia Beattie, Chief Investment Officer, STANLIB Direct Property Investments, the asset manager on behalf of Liberty and Marius Muller, Chief Executive of Pareto Limited in a joint statement say: 'The investment is in line with both Liberty and Pareto's strategy to ensure the properties are kept well-maintained and pertinent to their surroundings, and coincides withthe current multi-million rand rejuvenation of the Sandton Twin Towers complex to create the prestigious Atrium on 5thcommercial development. As co-owners, we are proud to be working on another project which will enhance the value of the property and over time the refurbishment will make the building more appealing to tenants.'
