R80m office block changes hands in CBD

Posted On Monday, 24 November 2003 02:00 Published by
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Historic drawcard: Prime area and large parking facilities an added attraction to Louis Group

GRAHAM NORRIS Property Editor

LOUIS Group International, one of South Africa's largest independent property, financial services and IT firms, has demonstrated its ongoing commitment to the CBD with the purchase of the Metropolitan Building at 80 Strand Street and the smaller historical buildings that surround it.

"We believe strongly in the resurgence of the city centre and have shown our commitment as landlords by extending our interests in the CBD, with this purchase, to more than R80 million," said Dr Alan Louis, CEO of Louis Group International.

The building, which was previously owned by Fedsure and then by a subsidiary of Investec, lies in an area steeped in historical significance.

"80 Strand Street attracted our attention mainly because of its prime position and the fact that it offered a high parking ratio, well-priced square metre rate and the flexibility to offer tenants almost any office space configuration," Louis said.

He said the Cape Town International Convention Centre had generated a great deal of interest in the area, from both local and international businesses, for which landlords were grateful.

Property manager Hannes Cloete indicated that the group had been successful in securing longer lease terms with anchor tenants Capital Alliance, KFM 94.5, Hollard Insurance and Hertz; and that the building's profile was enhanced by housing reputable tenants such as these.

This new addition to the Louis Group International property portfolio complements the other properties which are primarily located in the CBD, Claremont and at Century City.

For more information contact Hannes Cloete on 021 529 4600

Publisher: Weekend Argus
Source: Weekend Argus

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