ApexHi sees opportunity in the CBD

Posted On Wednesday, 20 August 2003 02:00 Published by eProp Commercial Property News
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ApexHi Properties can count a government department, Woolworths and Juta Bookshop among its new tenants.

Gerald LeissnerThis colourful list of occupants was acquired when ApexHi bought 111 Commissioner Street, in the Johannesburg CBD, for R54-million.

The building, which has a gross leasable area of 20 000sq m, is fully let.

The acquisition of 111 Commissioner Street brings to 36 the number of buildings acquired in the past 12 months. ApexHi's portfolio now consists of 209 properties.

ApexHi chief executive Gerald Leissner says the building was bought because it fits the company's profile in that it has stable A-grade retail tenants with long-term leases. The building is expected to yield a 16% return.

The Gauteng Department of Education is its major office tenant, while Woolworths and the Juta Bookshop are the major retail tenants.  


"In considering properties for acquisition, ApexHi assesses factors such as vacancy rates, quality of the tenants and quality of the building rather than location.

"For this reason, ApexHi's portfolio comprises mainly high-yielding properties situated in the Johannesburg, Pretoria and Durban city centres. More than 70% of the property space is let to A-grade tenants," said Leissner.

The Johannesburg CBD is a central transport hub for the greater metropole area, and is home to regional and local government, as well as the law courts and several public corporations.

A number of revitalisation initiatives are breathing new life into the area, and ApexHi is well placed to benefit from renewed tenant interest.

 

Last modified on Saturday, 10 May 2014 12:17

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