Finlay backs Rivonia facelift

Posted On Thursday, 24 June 2004 02:00 Published by eProp Commercial Property News
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Property management company Finlay & Associates will help with the financial backing of the initial stages of establishing a city improvement district in Rivonia.

Anne Steffny

Finlay's senior commercial portfolio manager, Michelle Vermeulen, says that the "demise of Rivonia is still rectifiable".

Vermeulen says the entire business district of Rivonia needs a face lift and all its landlords should become involved as soon as possible. Finlay manages seven buildings in the area.

City improvement districts in Rosebank and Sandton will be repeated in Rivonia. Kagiso Urban Management is launching the initiative.

"We are excited to be initiating this effort with Kagiso, along side other property owners. The success we've experienced from the initiativesin Rosebank and Sandton now needs to feed down into the smaller peripheral nodes," Vermeulen says.

She says that according to recent figures from commercial property association Sapoa, it is evident that Rivonia is one of the harder-hit areas in terms of rising office vacancies.

"Although rentals remain competitive, the area deters businesses," she says.

"It is well situated near the N1 and Sandton, rentals are cheaper than Sandton, so it deserves to be successful.

"However, it lacks lustre as a corporate business district compared with the likes of Sandton and needs serious attention."

Anne Steffny from Kagiso Urban Management says that the suburb should see a city improvement district in Rivonia by the end of the year.

Last modified on Thursday, 22 May 2014 17:24

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