PROPERTY: Busy Time For Ingenuity
Recent Western Cape Business News
LOCAL real estate group Ingenuity, which is already undertaking a mega development of its Dock Road property, looks set for further development along Cape Town’s Foreshore.
The company’s three Foreshore investment properties – Reeds as well as 31 and 33 Martin Hammerschlag Way – has 29 000 sq m of additional bulk available for future development in the vibrant Culemborg node.
In the year to end August 2010 31 Martin Hammerschlag was upgraded and a floor of surplus parking was converted to A-grade office space.
Perhaps more significant is that 33 Martin Hammerschlag is being redeveloped and a further floor of 1 000 sq m is being added to the existing building.
Ingenuity directors reckon these enhancements will unlock bulk and lead to better average rentals.
Ingenuity is also in the process of negotiation with certain new tenants to lease a further 8 000 sq m which will be added to the Reeds building.
If these negotiations are successful, construction of the additional area will start early this year.
In the meantime Ingenuity reports that formal permission has been granted to proceed with the development of its Dock Road property.
Just to recap our previous story, a total 22 000 sq m of premium grade offices and 1 500 sq m of retail will be built in Dock Road with an anticipated value of some R700 million.
While the Dock Road property is situated in the heart of the Cape Town CBD and CTICC zone, Ingenuity stresses that development will only commence once a suitable tenant is secured.
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