Buildings improve parking to attract tenants.

Posted On Wednesday, 06 August 2003 02:00 Published by eProp Commercial Property News
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Adequate parking is vital to attract A-grade tenants to commercial buildings, says Redefine Income Fund CEO Brian Azizollahoff.

Brian AzizollahoffA lack of parking facilities in older commercial buildings in areas such as Rosebank, which offer much less parking space than newer developments, is a disadvantage that can be overcome by property owners enhancing the commercial viability of their buildings.

 Owners of these older buildings are creating suitable parking facilities, minimising the risk that their office blocks will lose tenants.

 Azizollahoff says that in many cases the creation of additional parking facilities relies on a partnership with local government and the co-operation of various property owners.

 An example of how a commercial parking shortage can be overcome through public-private co-operation is the commercial building at 15 Baker Street, Rosebank, owned by Redefine Income Fund. To make its 7000m² office block more attractive, the owners are creating shaded parking for tenants' staff in the adjacent councilowned Rosebank Library Park.

 The park, which has some playground equipment, has been fenced off by a neighbouring business with the aim of preventing possible problems with vagrants.

 Redefine, which is putting R5m into upgrading its building, has also promised R1m to improve the park and other public amenities in Rosebank.

 

Last modified on Thursday, 22 May 2014 10:05

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