CBD appetite clearly growing

Posted On Tuesday, 16 September 2003 02:00 Published by eProp Commercial Property News
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Investor appetite for Pretoria is clearly growing, currently buoyed by the office market where rentals have firmed on the back of a steady increase in demand for space.

JHIThis was highlighted by the recent sale of a true Pretoria CBD landmark, Sanlam Centre, to a group of private investors. Don Mercer, from JHI Real Estate, concluded the R50 million, 33 0000 m2 deal.

According to Mercer, Sanlam Centre has formed a part of the Pretoria skyline since September 1979 and is home to prominent tenants such as Telkom, The Road Accident Fund, The South African Law Society, Mr Price and Foschini.

Unofficially, the CBD recorded significant transactions in which space of up to   40 000m² was taken during 2002. With the moratorium on government relocating to the CBD, brokers operating in the market expect a constant take up of space by the various departments in the foreseeable future.

JHI Pretoria broker, Azlie Loots added that most inquiries coming through to her, for CBD retail space is for smaller shop premises of about 100m², with leases of around 3 years. Church, Pretorius & Van der Walt Streets are quite popular - rentals range between R50 and R180/m² for a 3 year lease.

“The Pretoria CBD retail market is active, with demand exceeding supply.  With this higher demand, prime areas could start to spill over into Schoeman, Prinsloo and Paul Kruger streets.”

Last modified on Thursday, 15 May 2014 15:29

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