11 Apr 2006

Darren Wilder, Chief Operating Officer of the JSE Securities Exchange listed property loan stock company, Spearhead Property Holdings, predicts that the new Cape Town financial district/CBD will be located on the Foreshore – the change, he says, is already clearly taking place.

"What we are witnessing," said Wilder, "is a move by the major corporate and  financial institutions to the area around the highly successful Convention Centre – and many corporates and professional firms are following in their wake."

Spearhead's new R230 million A-Grade flagship building, Convention Tower, sited on the southern end of the CTICC, said Wilder, will be a major beneficiary and will boost the move towards the creation of financial district on the Foreshore. 

The 16 storey office complex will complement the Arabella Sheraton Hotel which forms the other "book-end" to the CTICC. 

"Our building," added Wilder, "was designed by Fabian Berman Architects to achieve real special efficiency.  The floor plates will be rectangular in shape and each floor will provide 1 600m2 of A-Grade office accommodation.  Above one level of basement parking and a 2 000m2 ground floor retail component, there will be two 950m2 levels of mezzanine office space (overlooking the Convention Centre halls and likely, therefore, to be rented by firms associated with the CTICC), four levels of parking and seven levels of office space."

The 1 000m2 top floor, he said, could be ideal for a restaurant/night club. 

Convention Tower, said Wilder, has been designed to provide users with highly efficient, flexible, computer-age interiors suitable to almost any size of office staff.  Space is available from 130m2 to 1 600m2. 

"We will," said Wilder, "provide the facilities for users to link in with broadband internet and wireless transmissions."

CCTV, he said, will monitor the parking and public areas.

"We have made security a top priority.  Strict access control and TV monitoring in all crucial areas will create a very secure environment."

Already, said Wilder, enquiries have been received for over 10 000m2 of the 15 000m2 space, predominantly from the corporate and professional sectors. 

Spearhead will launch the project to the market on the 21st April. 

"The asking rentals are R110 to R115 per m2 – which, of course, will be a highly competitive price for A-Grade space in September 2007, the intended date for occupation.

These rental levels, said Wilder, had been well received by the market.