THE RECENT interest rate cuts have boosted sales at Rabie Property Projects/Absa's Greenford Office Estate.

This week, John Chapman, a Rabie director, announced that the firm of chartered accountants, M D Accountants and Auditors, had bought Block R, a 600 m2 two-storey office complex, for R3 million excluding VAT.

The building has 24 of its own parking bays as well as ample visitors' parking. The deal was brokered by John McMahon of Baker Street Property Company.

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

This means that 17 of the 19 separate office blocks have now been sold.

Due to demand from smaller users Rabie are currently negotiating with prospective purchasers who want to buy a quarter or half a building and are confident of selling block Q in this fashion.

The last office block is S, measuring 679m2 and also the last building constructed by Lovemore and Co. Rabie have had a few inquiries for this building and are confident that it will be sold before the end of the year.

"Much of the success here," said Chapman, "stems from the developers' realisation at the outset that 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 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, responsible for the architectural design, have produced "simplified" cubistic designs which fit well into the landscaped setting.