New niche opened by small firms

Posted On Thursday, 22 August 2002 02:00 Published by
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Small to medium-sized companies seeking an up-market address have largely been neglected by property developers
Small to medium-sized companies seeking an up-market address have largely been neglected by property developers. Residential conversions to offices have filled the gap to some extent, but these inevitably involve something of a compromise.

Cape Town, which has many small businesses, appears to be taking the lead in meeting the needs of this fast-growing sector, and there is a small boom in providing purpose-built office space for small enterprises.

Now Johannesburg is catching on, as shown by Pinewood Square a joint venture by Barrow Properties and Bryprop in Woodmead on a site near Johannesburg Country Club.

There are just 11 'designer' office units left, for sale under sectional title or for rental, in the 30unit, two-phase development.

Entry-level prices for the Agrade units, ranging in size from 60m²-150m², start at R4500/m² while rentals start at R54/m².

The units are part of the R100m Pinewood Office Park development which is 40% complete and 100% let. Tenants include Premier Foods, Infrastructure Finance Corporation and Secure Data.

Barrow Props' Paul Barrow says the small enterprise units offer investors affordable but good addresses, and returns of about 14% a year from rental.

All face a central landscaped quadrant with a coffee shop, and each unit has a terrace.

Business Day

Publisher: Business Day
Source: Business Day

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