Increased demand for office space has led listed property unit trust Sycom Property Fund to launch the sixth and last phase of its Harrowdene Office Park in Woodmead, Sandton.

The latest phase, which will be built at a cost of about R50m, is being developed by the Grapnel Property Group on behalf of Sycom. Work has begun on the two buildings of phase six and a total rental area of 6,400m² will be brought to market.

Sycom director Chris Fleming says the two buildings are expected to be completed by the middle of next year and that they are "conservatively" anticipating the yield on the development to be more than 11%.

Fleming says development of Harrowdene Office Park over the last 15 years will bring the total lettable area in the park to 37,500m² in 17 buildings.

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge