SLUGGISH demand for A-grade office space in Cape Town's southern suburbs has been countered by letting performance at Great Westerford, the newly revamped former headquarters of The Southern Life Association Limited in Newlands, says Francois Koch, regional property manager of RMB Properties which manages the building.
With the closure of a 1 200m2 lease with Affinity Logic Management Services, the south wing of the 26 000m2 building which was refurbished at a cost of R23 million is now more than 90% let, says Koch.
He says unparalleled mountain views, a secure garden setting, and excellent conference, dining and parking facilities have ensured a steady flow of new tenants. The south wing is commanding rentals in excess of R68/m2.
The new look at Great Westerford has attracted a number of companies within the FirstRand stable including FNB Corporate Services and Futuregrowth Asset Management which are also housed in the north wing. In the south wing group companies include RMB Investment Services and First National Trust. RMB Properties have also concluded long leases with UUNet (Internet distributors) and Korbitec (a software development company) within the Datatec Group.