Regent Square in second phase

Posted On Wednesday, 14 August 2002 02:00 Published by
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Regent Square, a R500m office park development planned for Kenilworth, Cape Town, has entered its second phase with a plan for a further 2500m? office building
Regent Square, a R500m office park development planned for Kenilworth, Cape Town, has entered its second phase with a plan for a further 2500m² office building.

Launched last year by a joint venture between Rabie Property Projects, Abland and Absa, the first phase delivered a 2500m² building which is now completely let.

The entire Regent Square's plan features 10 phases, creating 30000m² of office space.

Deloitte Consulting has signed a three-and-a-half year lease for the final 245m² in the first phase building. The first phase has achieved rentals of between R62/m² and R65/m².

The tenant list includes companies such as Rebserve Cleaning Services, Ovation Global Investments and a branch of FNB Home Loans.

'The plain truth is that in residential and commercial developments new, clean, efficient, hi-tech buildings in decentralised, secure landscaped estates with parking suit the average employer and employee better than the traditional high rise blocks of the central business district,' says Rabie property broker Giles Balmer.

Rabie Properties director John Chapman says the development will be driven purely by market forces.

The Cape Town market has come under pressure as a result of oversupply, and there is not much space for speculative developments, he says.

He gives the unfolding of the total project a life span of between three and four years.

Business Day


Publisher: Business Day
Source: Business Day

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