According to Kobus Blom, a director of FWJK Developments, the R190 million sectional title development has been sold on FWJK's co development at cost basis to a mix of investors and end users seeking out the opportunity to secure brand new offices at cost without developer's profit mark-up. The prevailing very low vacancy factor in the Ridgeside Office Estate Precinct has underwritten the sales success of this development.
Designed by FWJK's architectural division, the building will offer 8,000m2 of prime sea facing office space with five parking bays per 100m2 and will have its own signature cafe for the entertainment of the building's occupants and clients.
Investec approved the development funding for the Ridge 7 project on the strength of the offering’s value, the calibre of its investors and FWJK’s track record, said Brendon Wray of Investec Private Bank. Investec has also funded numerous other FWJK projects including their highly successful R280 million Coral Point development at Sibaya, Durban. In Cape Town, Investec has also funded their R230 million Touchstone House office development and two further residential developments currently under construction being the R340 million Obs Court development and their R380 million Docklands development.
Construction of Ridge 7 will commence in August 2017 and will be complete during the first quarter of 2018 added Blom.