ApexHi Properties Limited has concluded a 10-year lease agreement with Joburg Water for 8,500m² in 17 Harrison Street in the Johannesburg CBD. The deal includes a complete upgrade of the building before Joburg Water occupies it.

ApexHi Asset Manager, John Laws, says Joburg Water was housed in three different buildings and wanted to consolidate and rationalise its head office and IT division under one roof. “The public utility wanted to remain in the city centre but needed a substantial amount of space to accommodate its employees,” he says.

Laws says ApexHi was awarded the tender based on the strength of its leasing package, the proposed upgrade and the position of the building. “The 28-year old building will receive a total make-over internally, including new ceilings, lighting, carpets, toilets, air conditioning, fixtures and fittings. It is being modernised to suit the client’s specific requirements,” he says.

External upgrades, including signage for Joburg Water, are aimed at giving 17 Harrison Street and Joburg Water more prominence. The entire process will take five months to complete.

Laws says upgrades to buildings in the ApexHi portfolio are only done if they are coupled with the signing of long leases. “In this way ApexHi ensures that the investment in the building is revenue enhancing,” he says.

ApexHi’s leasing deal with Joburg Water means an 8 500m² reduction in vacant space in the inner city and another step towards the rejuvenation of the CBD.

Ends

John Laws
ApexHi Properties
Tel: (011) 283 0150

Monica Meyer / Sandra Mason
Ogilvy Public Relations Worldwide / South Africa
Tel: (011) 709 9609

Date: 12 April 2006