THE R80 million Century Square office block to be developed on the canal overlooking the award-winning nature conservation area at Century City must have a lot going for it.Investors have already committed themselves to more than 25% of sectional title units, although building will only commence in June this year, with completion planned for June 2002.
Roger Harries, a director of the developers Harries Projects, says 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 and an unsurpassed environment.
Century Square, which will be built as an intelligent building, will comprise 10 500 sq m of prime office space with sectional title units ranging in size from 50 to 1 000 sq m or larger. The development is the first of its kind at Century City for small to medium sized corporate and professional owner-occupiers and investors, Harries says.
Harries points out that the project offers buyers a superior investment opportunity with units selling for an average of R5 650 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, it would provide a net return in the first year.This is achievable. Justin De Wet Steyn, a director of Monex Development Company, says gross rentals of R65 to R85 a square metre have been achieved in the two tower office block above Canal Walk.
Harries says Century City is centrally located at the epicentre of the Cape Town metropole, midway between the central business districts of Cape Town and Bellville and is easily accessible form the N1.Ample, secure basement parking and open-air parking will be provided.
"The investor response so far bears out my belief that this will be one of the most unique and enviable office environments in the country. I believe it's a once-off, not to be repeated opportunity," he says.
The building will capitalise on its canal side position overlooking Intaka Island, with most of the units having canal frontage and views of both the wetlands and Table Mountain.
Harries points out that there has 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 demanding and Century Square in particular is a response to that.
Designed along the line 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.
There will be naming rights and strong corporate branding opportunities for tenants. It is being developed as and 'intelligent' building, providing direct Internet access for tenants at a competitive rate.
Marketing of the project has been beefed up by the appointment of Kim Faclier, ex-director of Seeff Commercial. Marc Cohen is sales director of Harries Projects and is responsible for the marketing of Century Square.