Western Cape Business News

Send  Share  RSS  Twitter  17 Jun 2009

PROPERTY: Postilion Moves To The Estuaries


Recent Western Cape Business News

GROWTHPOINT Properties, the largest listed property company in South Africa, has secured a third blue chip tenant for its Century City office portfolio.

Chris MacKrill, leasing manager for Growthpoint, says it recently let one of their six buildings in The Estuaries office park at Century City to Postilion International, a global leader in the provision of payment software solutions, to house its Africa head office.

The company has taken a five year lease on a 2 500 sq m office block, one of six acquired by Growthpoint for a total consideration of R170 million.

MacKrill says they have also secured high profile tenants for two of their other buildings in the office park.

AIG has taken a five year lease on 700 sq m of the 1 100 sq m Building F for its regional head quarters with Old Mutual Private Wealth taking a five year lease on Building D, a 1 500 sq m building.

MacKrill says negotiations with potential tenants are currently underway for their remaining triple A-grade buildings which range in size from 930 sq m to 3 700 sq m exclusive naming rights available for tenants occupying an entire building.

The low-rise buildings, which interface seamlessly with both the urban and natural environments, comprise a total lettable area of 9 750sq m.

Century City has seen the bulk of new office development in the Western Cape in recent years. Chris Blackshaw, CEO of the Century City Property Owners’ Association, a section 21 company that represents all stakeholders at Century City, says there has been a number of significant lettings in the burgeoning precinct in recent months which was mopping up a lot of the vacant office space which stood at around 13% in the most recent SAPOA office vacancy survey.

We understand that there are currently a number of other major deals under negotiation, which if successful, should make a further significant dent in vacancies.”

Coupled with the continued demand for office space within Century City as well as the strategic approach being taken by the lead developer the Rabie Property Group to limit further speculative development to an absolute minimum, we are confident vacancies will be negligible in the not too distant future,” Blackshaw says.

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