6 Dec 2004

PROPERTY services group, Spire Property Services, has a number of significant development projects underway in the Western Cape, several of which involve the redevelopment of existing buildings.

The most advanced of Spire’s Projects is the redevelopment of 34 St. George’s Mall, previously an office block on the corner of Strand Street and St George’s Mall, which is being converted into upmarket residential apartments. Construction is well under way and handover to the individual purchasers is expected to be early 2005.

According to Arnold Maresky, director of Spire Property Services Group, the sales of the 34 St Georges Mall apartments have gone extremely well, with virtually all apartment units being sold. A few luxury penthouses were also recently released and are expected to sell well.

“At present we have finished all the major structural changes and the plan is to commence the installation of the finishes by mid-December. The development will be concluded early next year. There will be six to seven apartments per floor, all with floor-to-ceiling windows, mountain or city views and a Juliet balcony for those apartments facing Strand Street.”

Spire is redeveloping the building on behalf of the owner, Paramount Property Fund. This project involves connecting the 34 St Georges building with parking in the adjacent building, Rosebank College House, also owned by Paramount.

In a second project for Paramount, Spire together with City Developments, are adding a 1500sq m rental component to the Sportsman’s Warehouse property in Tygervalley. The development involves the construction of premises for a standalone Mr Price Homestore, and integrates with the existing retail warehouse development on the site. Construction has already commenced and will be completed in the first quarter of next year.

Another major project in which Spire is involved, along with co-developers Coronib and Flanagan Gerard, is the development of the Paarl Mall regional shopping centre, currently underway in Paarl. This development is for a consortium with Sycom Property Fund as the major investor.

Further projects on the drawing boards, are the redevelopment of portion of the Longkloof Studios property in Kloof Street, into a mixed-use development which will include residential, retail and office space, as well as the redevelopment of the Pick ‘n Pay building on the corner of Main and Campground Roads in Claremont.

Spire will also be looking at fine-tuning the retail mix of Paraprop’s most recent acquisition, the Golden Acre Centre. “We believe that the Golden Acre has great potential. It is currently fully let, and will benefit from the revitalisation of the CBD and the growing trend of residential development in the city.”

“The city is re-establishing itself as a major retail and entertainment node, and this trend will be reinforced by the growing residential population. There are also planned development initiatives in the East City and around the station precinct, which will benefit the centre,” Maresky added.

“It is our intention to fine-tune the retail mix and respond to the positive developments in the CBD, expanding Golden Acre as an exciting in-city shopping and entertainment zone,” he says.