Amdec fully lets office space at 28 Harrison Street

Posted On Friday, 21 September 2007 02:00 Published by eProp Commercial Property News
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Amdec Property Development has successfully tenanted all offices at 28 Harrison Street, one of a portfolio of commercial properties it recently acquired with Property Partners in the heart of Johannesburg’s financial district.

Tertius van DijkAmdec Property Development, the leading property development, investment and project management specialist which currently manages property developments with a market value in excess of R4,5 billion,has turned this property around in just over a year from taking ownership. At the time of transfer in May 2006, the 19,500m2 building had vacancies of 12,500m2.

Tertius van Dijk, Investment Manager of Amdec, explains that rentals have been achieved at a satisfactory R55/m2 to R60/m2, with most leases for periods of three to five years at average escalations of 9%.

“To achieve a fully let building at market-related rentals, in such a short space of time and coming from such a low base, is quite an achievement. In line with our commitment to the rejuvenation of the Johannesburg CBD, Amdec has further investment plans for this property, including introducing a state-of-the-art security system with fingerprint recognition,” says van Dijk.

In addition to 28 Harrison Street, Amdec co-owns 88 Fox Street, Consolidated Building and Drummond Garage (a 450-bay parkade) in the same area with all buildings located within a three-block area. All were acquired from JCI late last year.

New key lease agreements concluded for the 14-storey 28 Harrison Street building will see British call centre company, The Dialogue Group, occupying four floors, comprising a total of 5,500 m2, on a five-year lease agreement. The CCMA has concluded a five-year lease agreement to occupy three floors, comprising 4,100m2, and the South African Social Security Agency (SASSA) have committed to occupying two floors, spanning 2,800 m2 for a three-year period. The lease agreement includes 17 parking bays at 28 Harrison Street and 36 bays at Drummond Garage.

Other 28 Harrison Street tenants include Capitec Bank, Ombudsman for Banking, JCI, the Department of Social Development and Tshikululu Social Investments. The building includes 169 parking bays on two basement levels.

28 Harrison Street is ideally situated on a block south of the declared “Government precinct”, which is located largely within a two block vicinity of the Gauteng Legislature building. As arguably the youngest “A” grade building in the Johannesburg CBD having been completed in the mid-1990s, its aesthetics and finishes, including exquisite marble, are of the highest quality found in the CBD.

Amdec aims to establish 28 Harrison Street as the city’s premier business location with 24-hour security and sophisticated access control, making it ideal for call centres and other businesses which function around-the-clock. The building also offers occupants access to an independently operated shuttle service travelling between the property and nearby Drummond Garage, adding to the safety of the location.

Last modified on Friday, 16 May 2014 15:21

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