PROPERTY: New Sectional Title Office Project
Recent Western Cape Business News
A new 3000 sq m sectional title office block, The Gatehouse, is to be built on a prime site at the Ratanga Road entrance to Century City, Cape Town’s fast growing commercial node, at a cost of around R50 million.
The three-storey building is situated alongside the landmark BMW Gateway building and will offer a total of 23 sectional title A-grade office suites ranging in size from 70 sq m to 220 sq m and priced from R1.2 million. Parking will be provided at a rate of four bays per 100 sq m with ample visitor bays with additional parking available at the nearby e-parking, Century City’s unique park and ride facility.
Colin Anderson, development manager for Rabie Property Group, says the building, which has good visibility from the busy Ratanga Road, is being developed in response to continued strong demand from small to medium size users for sectional title offices at Century City and followed the successful sell-out and completion of the neighbouring The Forum development.
“The Gatehouse represents the last opportunity for small to medium buyers to purchase in this vibrant business precinct of Century City which is also home to the new Virgin Active health club, the trendy Colosseum mixed use development which includes convenience retailing, cafes, restaurants and a hotel and the mega R700 million Crystal Towers development which comprises a 180-room five star hotel, 90 luxury apartments, 6 500 sq m of offices and restaurants,” he says.
Early bird purchasers who buy before construction commences are being offered a six month rental guarantee equivalent to a 9% per annum return on investment with the balance of purchasers receiving a three-month rental guarantee.
Construction is due to start in the third quarter of this year with completion scheduled for mid-2010.
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