Nedbank Corporate Property and Asset Finance has agreed to finance a new multimillion rand Green Point development by Global Asset and Investment Network (Gain), a company run by Ari Efstathiou. Richard Edwards, Nedbank Western Cape Property and Asset Finance Manager, says Efstathiou's track record in property development is "excellent" - and the projects with which they have assisted him financially have all proved to be winners.
"Included in the list where we have been involved," said Edwards, "are The Gallery, a 5 600m2 office and retail centre in Montague Gardens, now 96% let, Bellville Mall, a 4 600m2 retail and office complex, now 92% let, and Brackenfell Mall, a 22 000m2 retail centre, now 80% let which a consortium bought as a going concern.
"Mr Efstathiou also has also been involved with other projects not funded by ourselves." Now Gain is going ahead with Prestwich Place on the corners of Alfred and Prestwich Streets in Green Point.
The site is in the heart of Green Point's restaurant and bistro belt, just off Somerset Road and three blocks from the well-known Victoria Junction Hotel. It was until recently covered by five derelict mixed retail and light industrial buildings but these are now being demolished. In their place Gain will erect an avant-garde seven-storey complex.
It will have 800m2 of ground floor retail space, 1 600m2 (two floors) of A-Grade office space and 14 apartments with 60 to 100m2 of space each. On the top floor, will be 14 loft apartments which will have 360! views taking in Table Bay, the V and A Waterfront, Signal Hill and Table Mountain.
"The office and retail space," said Efstathiou, "has not yet been offered to the market but the response to the launch of the apartments and lofts has been nothing short of phenomenal."
All the lofts, he said, were now sold, and only five of the apartments were still available, in spite of the fact that these were very definitely upmarket units with fairly expensive price tags starting at R910 000. The largest loft apartment recently went for R1.95 million.
Steps have also been taken to ensure that this will be an "intelligent" complex with 24-hour internet connections to all units. Edwards commented that Efstathiou's decision to develop in Green Point "makes good sense right now".
"The area," he said, "is enjoying an unprecedented popularity as a result of its very close proximity to the CBD and the Waterfront.
The latter, is indeed, within walking distance of this new development." Office space will be launched this month at a price of R70m2 or at R7 000 per m2 for sale. The retail units are expected to go at between R90 and R120 per m2 depending on size but, here again, Efstathiou is prepared to consider offers to buy.
