Cell C puts smile on the face of Bakos Brothers

Posted On Wednesday, 24 April 2002 10:01 Published by
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Cellular network operator takes full occupation of office park development
Cellular network operator takes full occupation of office park development

Property Editor

NEW cellular phone network operator Cell C has proved a boon for Bakos Brothers Properties, filling its R80m Esher Place office park development in Sandhurst, north of Johannesburg.

The property firm is a division of Bakos Brothers, well known for upmarket furniture retailing.

Two of the buildings at Esher Place, offering a total of 9000m² of office space, were completed two years ago and stayed unoccupied until Cell C moved in.

Construction of a third building was fast-tracked to accommodate Cell C, which houses its data centre on the site. The third building took 22 weeks to complete under the management of Serton Consulting, and was ready for occupation in December.

Cell C's head office is a few kilometres from the Bakos Brothers development.

Esher Place now boasts 100% occupancy in a neighbourhood with high vacancy levels.

Bakos Brothers, with a R400m portfolio, has more space to fill in another new 10233m² office park development at the corner of Rivonia and Helling roads, a stone's throw from Esher Place.

The new development, Commerce Square, will have five buildings rolled out in the next three to five years.

The construction of the first building has begun and is scheduled for completion in August.

Bakos Brothers director Dennis Bakos is confident about the development's prospects despite office oversupply in northern Johannesburg. Bakos says the development is half-full, but declines to name the tenants.

At completion Commerce Square will have cost about R150m to build.

Bakos Brothers is also overseeing the development of three upmarket cluster home schemes in the area.

They will, on completion, provide 27 units with prices ranging between R3m and R10m.

In these schemes the group is taking advantage of an emerging trend for smaller, exclusive gated communities.

Gauteng estate agent Lew Geffen says these developments sell quickly, despite the hefty price tags.

Publisher: Business Day
Source: Sibonelo Radebe

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