The penthouse suite of the Convention Tower office block, on the Foreshore in Cape Town, will be available at a rental of R200/m?, making it the most expensive office space in SA.

Darren Wilder, leasing director of Madison Property Fund Managers, which is handling the leasing for the property, says the penthouse offers 1,200m? of office space and balconies, and is on the top floor of the office tower.

The 16-storey tower, which is under construction, is owned by listed property loan stock company Redefine Income Fund.

The office complex will be ready for handover to tenants on December 1. The 50m office tower is a 15,000m? development. Already, 80% of the property has been let.

Wilder says tenants include professionals such as attorneys and accountants, as well as an oil company and an international gaming company.

He says the remainder of the space is being leased at R125/m?.

David Green, MD of commercial and industrial property brokers Pace Property Group, says Convention Tower has the highest office rentals offered in SA.

Green says that in Johannesburg, the closest equivalent is the property known as 1 Sandton Drive, which is being developed by Investec Property Group with net rentals of R130/m?.

He says the reasons for the high penthouse rental are Convention Tower's close proximity to the Victoria&Alfred Waterfront and excellent views.

Dave Russell, a director of office and industrial property brokers Baker Street Properties, says the group is not aware of any other office space as expensive as the penthouse suite at Convention Tower.

Business Day