Palm Royale, a new R255million sectional title apartment block, is to be built as part of the award-winning Oasis Luxury Retirement Resort at Century City.

Monday, 10 September 2012 09:47

Rabie acquires 50% in Oasis Joint Venture

Rabie Property Group has acquired from Arrow Creek a 50% stake in the Oasis Joint Venture which is developing the award-winning Oasis Luxury Retirement Resort at Century City.

Almost 12 years after the first phase was completed, construction of the first three buildings in the second phase of the low rise Greenford Office Park adjacent to the Kenilworth Race Course is underway.

Phase One of the sectional title office park, which is surrounded on three sides by a nature reserve and enjoys spectacular mountain views, comprised 19 small office buildings totaling just over 10 000 square metres.

Phase Two of Greenford Office Park will comprise a total of 5300 square metres of A-grade offices in 10 one and two storey buildings with a total development cost in excess of R80million.

Designed by Stauch Vorster Architects in a modern Cape vernacular, the buildings range in size from 230 square metres to 822 square metres, with configurations of offices for sale ranging from 140 square metres through to 1300 square metres.

Fronting onto the nature reserve, the buildings will be set in beautifully landscaped gardens with a large water feature providing a tranquil working environment. A number of outdoor recess areas where office workers can relax and enjoy the natural environment will also be created.

Selling prices, which include A grade finishes and parking, vary between R14500 and R15500 a square metre excluding VAT.

On-site parking will be provided at a ratio of four per 100 square metres with a number of the buildings offering basement parking.

Steve Cloete of the Rabie Property Group says the site was the last remaining one for development in the area and was ideally located close to M5 and the recently refurbished Kenilworth Shopping Centre. As such they expected strong demand from both owner occupiers and investors, particularly now that the as the economy was picking up.

“We are undertaking a phased start of Phase Two beginning with the first three office blocks, which are connected by a common basement. The work currently being done will see 65% of the bulk services completed and construction of the first three offices up to ground floor level providing a defined building platform for each block.”

Cloete said Phase One had sold out extremely quickly and since inception vacancies had been negligible with many of the original tenants still in place and the vast majority of original landlords having held onto their properties.

“We had initially applied to do the entire development in one go but certain environmental and traffic conditions had to be met before they could proceed with phase two. The lengthy gap between the two phases shows how long it can take to get rezoning approvals in place for green fields developments!”

A new 3800m2“green” office block is to be built in the Bridgeways Precinct of Century City by the Rabie Property Group at a cost of around R80million. The four storey building, Number 3Bridgeways, located near Virgin Active, will be ideal for a single corporate user, but will also be easily sub-divisible for multiple users if required

Saturday, 28 July 2012 13:02

New urban renewal project for Woodstock

Three neighbouring industrial buildings in Albert Road Woodstock are being redeveloped into a trendy, upmarket mixed use complex to be known as The Woodstock Exchange

All 18 office suites in a sectional title office block at Century City have been sold ahead of the building completion. The 2 200 square metre building in question is part of the 18 000 square metre Central Park low rise office park.

Sedica Knight of the developers, Rabie Property Group, said the office suites range from just over 60 square metres to just over 220 square metres with purchasers being fairly evenly split between owner occupiers and investors

Recently promulgated SANS 10400-XA, which regulates the minimum standards required in terms of energy efficiency in new buildings, will push up the cost of new developments but will result in long term energy savings  for end users.

And while developers such as Rabie wholeheartedly welcomed the new legislation as it was imperative to find ways to reduce the carbon footprint and increase sustainability of development, it does present the industry with new and additional challenges, which would inevitably increase building costs that in turn would have to be passed on to the consumer

Despite improvements to Century City's vacancy rate, concern at city level still persists. That being said, Giles Balmer of developers, Rabie Property Group, maintains that sales and lettings in phase two of Central Park, the Courtyard precinct, have gone well and has spurred the group on to launch phase three shortly

Cape property entrepreneur Stuart Chait has sold his interests in trendy Jo’burg work, live, play and shop precinct Melrose Arch to co-owner Amdec in a lucrative deal.

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