Construction of the first office block at the 35,000m² The Estuaries office park at Century City in Cape Town is under way, with work on at least a further 10 buildings expected to start shortly.
The 18 sites in The Estuaries, a mixed-use development which is expected to attract total development of more than R500m, were sold to owner-occupiers, developers and investors within 24 hours of being launched late last year. The sites have now been serviced and transferred to buyers.
Ten plans for office blocks have been submitted to Century City's design review committee and half of these have been approved, paving the way for developers to submit plans to the city council.
Greg Deans, MD of Century City Property Developments, in which the Rabie Property Group is the major shareholder, says the Rabie group will be developing two of the sites themselves.
Deans says work on the first two-storey block, an 800m² corporate office with basement parking, has started and is due for completion in March next year.
Design work on a second office block, a 4,260m² building on a high-profile site fronting Century City's main boulevard and opposite Liberty Life's new regional headquarters, is also well advanced.
The R64m building will provide semibasement parking at a ratio of four bays for each 100m², and three levels of offices which will be available for rental or developed to the needs of an owneroccupier.
The 18 buildings to be developed at The Estuaries will range from 800m² to 4,620m², but smaller sectional title units ranging from 200m² will also be available for sale or let, Deans says.
Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge
