Sycom Property Fund announced that its prime Cape Town Foreshore SHG Building offices are now fully let following the decision by Sonnenburg Hoffmann Galombik to exercise its option for the balance of the offices.
This leading legal firm has taken up the final 1,042m2 of the flagship office building comprising 15,200m2 of offices and 2,600m2 of ground floor retail, resulting in Sycom’s office portfolio vacancies reducing to below 3% and the Fund’s overall vacancy being a negligible 2%.
In further acknowledgment of the quality of Sycom’s office portfolio, the Discovery Building in Sandton was nominated in the category of best refurbishment of the year by Brooke Pattrick Publications. Sycom completed the redevelopment of two of its existing first generation Sandton buildings for Discovery Health, which took occupation in April 2005.
Extensively refurbished and reconfigured to provide premium-grade office space of approximately 21,500m2, this state-of-the-art building accommodates the requirements of a single large corporate tenant while maintaining functionality for multiple tenancies, should this be required in the future.
The development took just over a year to complete and Discovery Health occupy the entire building on a 7-year lease, with options to renew.
