The recent cuts in interest rates have boosted the sales at Rabie Property Projects/Absa's Greenford Office Estate.

Rabie director John Chapman announced the firm of chartered accountants, MD Accountants and Auditors Inc have bought Block R, a two-storey office complex with 600m2, for R3 million excluding Vat.

The building has 24 parking bays as well as ample visitors' parking.

The deal was brokered by John McMahon of Baker Street Property Company.

"This follows on the recent sale to South African Fruit Exporters who took transfer of their 500m2 building in June," said Chapman.

"This means 17 of the 19 separate office blocks have now been sold. Due to demand from smaller users we are negotiating with prospective purchasers who want to buy a quarter or half a building. We are confident of selling block Q in this fashion. The last office block is S, which is the signature block in the estate measuring 679m2 and was the last building constructed by Lovemore & Co. We have had inquiries for this building and are confident it will be sold before the end of the year.

"Much of the success here stems from the developers' realisation at the outset there was a need for owner-occupier offices which can often form the entrepreneur's 'pension' when he moves on in five, 10 or 15 years' time.

"As interest rates come down," he said, "owner-occupier buyers have become even more prominent in the market - and, make no mistake, they are on to a good thing because the value of buildings like those at Greenford is doubling every five to seven years."

Stauch Vorster, which has been responsible for the architectural design of all the buildings at Greenford, has produced "simplified" cubistic designs which fit well into the low-density, natural, heavily treed and landscaped setting.

Roof eaves are flush with the vertical walls and window shapes are standard without ornamentation.
 
However, considerable effect is achieved by bringing forward and recessing sections of the façade, thereby creating a more interesting elevation with maximum fenestration.

Greenford offers 24-hour security and is close to the large Kenilworth regional shopping centre. It has easy, fast access to the M5 freeway which leads to the Cape Town CBD and the northern and southern suburbs. - The Argus