A 40 000 square metre business park is to be built on a prime Century City site in Cape Town at an estimated cost of R230m. The high visibility, prime location development fronting onto Bosmansdam Drive will provide offices, showrooms and distribution premises.
To be known as Century Gate Business Park, it is being spearheaded by Century City Property Developments (Pty) Ltd which has sold development stands to six other developers who are each planning market driven developments.
Servicing of the land is to commence shortly with the first transfers of land to the involved developers expected to take place in April and construction of the first projects starting shortly thereafter with first completions expected by the end of the year.
The various developments within this project include Millenium Park, an 11 000 square metre sectional title office and business park development in a courtyard concept with water features. Being developed by Asrin Property Developers, Millenium Park will comprise six blocks offering space in modules from as small as 50 square metres through to 4940 square metres with naming right opportunities for large owner/occupiers.
Greg Deans, managing director of Century City Property Developments (Pty) Ltd, said the commercial property market had strengthened considerably over the past year and developers had jumped at the opportunity to participate in the business park.
"With Century Gate we have created an alternative and complementary product for Century City which capitalizes on the strengths of the site in particular its very high visibility from Bosmansdam Road and its easy access to both the N2 and N7.
Deans said that judging from the level of inquiries they had fielded already they expected sales and lettings in the various developments to be very brisk."
"Inquiries have come from a wide variety of users – from companies seeking offices, to motor and other showrooms as well as a number of high-tech assembly and distribution companies."
Deans said specific development guidelines, which complemented the overall development design framework for Century City, had been put in place for Century Gate, which would ensure a high quality of development throughout.
Other developers participating in the project include inter alia, Gorrie& Finlay, Bath Investments and Business Park Development Company whose directors include Nazeem Khan and Hassen Adams.
Deans said the strong recovery enjoyed by the commercial property market in the second half of 2004 was expected to continue through 2005.
"We have seen a strong increase in the level of inquiries for new office and business space at Century City which is sparking some a number of exciting new commercial developments on site."
These include new head office buildings for corporate clients and motor lifestyle centres for Mercedes Benz and Chrysler Jeep on which construction has already started.
"It is extremely exciting times for the property industry and for Century City in particular. Our biggest challenges over the next 12 to 18 months are going to be delivery issues as supply industries and contractors are already stretched to the hilt which puts upward pressure on building costs and makes it increasingly difficult to deliver projects timeously."
Anyone requiring further information should contact Giles Balmer on 550 7000 or 083 4570628.
Publisher: Cape Business News
Source: Cape Business News
