PROPERTY: Growthpoint Acquires Willowbridge Place
Recent Western Cape Business News
Growthpoint Properties has acquired a premium R121million office building, Willowbridge Place, in Tygervalley, Cape Town.
Placed near the Durban Road on- and off-ramps, Willowbridge Place comprises two office towers and presently offers lettable area of 6,110sqm in one office tower and 495sqm of retail space. Located, on the corner of Carl Cronje Drive and Old Oak Road, near the N1, the premier commercial building is in a growth node away from the city’s major traffic congestion in a tranquil setting.
Growthpoint is the largest SA listed property company with assets over R50 billion throughout South Africa and Australia. Its SA portfolio, valued at R33.7 billion, comprises over 412 properties. It also owns 50% of the landmark Victoria & Alfred Waterfront. Growthpoint provides more than 5,4 million square metres of office, industrial and retail space to leading businesses.
Rudolf Pienaar, Growthpoint Properties Divisional Director for Offices explains: “Willowbridge Place offers many distinctive benefits for the Cape Town office market. This asset furthers our green building drive and improves our portfolio of quality investments.”
Gregg Huntingford of Growthpoint Properties Cape Town office division is positive about office property fundamentals in Growthpoint’s Cape Town portfolio.
“Growthpoint’s Cape Town office portfolio is performing exceptionally compared with the industry average. We have a low 2.5% vacancy in our Cape Town office portfolio of 273,000sqm of offices. Our vacancies have improved dramatically since 2009,” says Huntingford.
In contrast, the overall office sector in Cape Town is experiencing relative high vacancies, especially in the CBD at 12% and Claremont where office vacancy levels are between 15% and 20%. In Century City, office vacancies are about 8%.
“A major contributor to Growthpoint’s Cape Town office portfolio performance is our focus on quality assets and investment in office upgrades. This increases the quality and attractiveness of our properties,” says Huntingford. “Nurturing good client relationships is a focal point for Growthpoint, resulting in the positive retention of tenants.”
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