INVESTORS have snapped up units in Century Square, an R80m sectional title office block to be developed on the canal overlooking the award-winning nature conservation area at Century City. Roger Harries, a director of developers Harries Projects, said Century Square would provide the most unique and enviable office environment in the country. "Investors have recognised this and have committed to more than 25 percent of units ahead of the official launch of the project.
"This is exceptional but the site is truly outstanding, offering the best of both worlds - a strong corporate environment boasting the regional offices of Vodacom, PQ Africa, PricewaterhouseCoopers and the like combined with uninterrupted views into perpetuity of the beautfiul and tranquil nature conservation area which is rich in birdlife and indigenous flora. It must be a first for South Africa, if not the world and it is a once-off, not to be repeated opportunity," he said.
Harries said the building would capitalise on its canal side position overlooking Intaka Island, the award winning wetlands conservation area, with most of the units having canal frontage and views of both the wetlands and Table Mountain.
"The water and wetlands offer a wonderful antidote to the stresses of modern day living and, because it is a nature conservation area, there is no risk of losing your views down the line."
Harries said there had been a strong move in recent years away from developing boring office environments to the creation of lifestyle orientated accommodation.
"This is what the market is now demanding and Century City as a whole, and Century Square in particular, are a response to this demand."
Harries said tenants or owners at Century Square will be able to moor boats on the canal or catch water taxis to Canal Walk and/or Intaka Island.
"It will offer an unparalleled lifestyle for those working there and a great investment opportunity," he said. Century Square, which will be built as an intelligent building, will comprise 10 500 square metres of prime office space with units ranging in size from 50 square metres to 1000 square metres or larger.
The development is the first opportunity of its kind at Century City for small to medium size corporate and professional owner-occupiers and investors.
Designed along the lines of the successful Roeland Square in Cape Town and the more recent Westlake Square, Century Square will be built around a paved communal landscaped square with a coffee shop.
Multiple gabled entrances within Century Square will provide a limited number of superb and unique opportunites for naming rights and strong corporate branding opportunites for tenants.
Harries said they were developing Century Square as an "intelligent" building providing direct Internet access for tenants at a highly competitive rate.
Construction is due to start in June this year with completion scheduled for June 2002.
Harries said the project offered buyers a superior investment opportunity with units selling from R5650 per square metre. If investors were to buy a unit for R350 000 and let it at a gross rental of R69 a square metre, which was achievable, it would provide a net return of 13% in the first year, he said.