DEVELOPMENT: Opportunity For Owner Occupiers
Recent Western Cape Business News
An opportunity for small developers and owner occupiers looking to develop or build their own offices at Century City is to be brought to the market shortly by the Rabie Property Group.
Park Lane, a new 11 000 square metre office park, will offer purchasers a total of 16 serviced erven in a park-like environment. The sites vary from 440 square metres to 1100 square metres with development rights of between 300 square metres to 1100 square metres. Selling prices range from R3150 to R3400 per bulk metre.
This is only the second time in five years since Rabie Property Group acquired the remaining undeveloped land at Century City that they have made serviced office development sites available to other developers or owner occupiers.
The launch of Park Lane follows the success of the 35 000 square metre The Estuaries office park where 18 serviced commercial sites were sold out within two weeks and where construction is now almost complete and the development fully tenanted.
John Chapman, a director of Rabie, said Park Lane was being developed in response to market demand from purchasers for smaller, zoned, sub-divided land with office rights in the burgeoning precinct.
Park Lane is to be developed on a site situated in the heart of Century City adjacent to Central Park and also in easy walking distance of all the precinct’s other amenities including Canal Walk shopping centre, Intaka Island and the Public Transport Interchange.
He said while individual erven were available for sale, the entire office park had been designed holistically as a village of offices and architectural guidelines had been drawn up by Tim Hughes Architects to ensure that each individual building responded to its neighbours which would protect purchasers’ investment going forward.
The design, he said, allows for a mix of undercover parking and on-grade courtyard parking with a strong emphasis on pedestrian pathways and the use of brick elements to accentuate the courtyards.
He said servicing of the site will commence at the end of October with completion and transfer of the erven anticipated to take place in April next year.
This development, which is expected to attract total investment of around R200m, will bring the amount of commercially zoned land developed or sold at Century City to date to just under 300 000 square metres.
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