Owners of older office buildings in Century City compete with the new on price

As ongoing development in the thriving Century City hub in Cape Town’s Northern Suburbs continues to bring modern, new commercial stock onto the market, landlords and owners of older buildings constructed in the early 2000’s are aggressively competing for tenants by offering highly attractive rentals and generous tenant installations, says Ryan Joffe, principal of Ryan Joffe Properties.

An aerial view showing 1 Boundary Road in the foreground, directly adjacent to the Century City entrance off the N1.

“Office properties built in the early days of Century City now present an opportunity for owners to attract businesses who prioritise value for money, particularly those with a high staff quotient - requiring spacious offices, and who still want a prime location, good quality accommodation and easy access,” he says.

While new, AAA Grade office buildings are currently letting in the region of R140 to R150 per square metre, an A Grade property which has become available - and is ideally suited to a single occupier, can be let at an affordable R95 per square metre, with tenant fit-out included, in accordance with the lease term.

“A key value-add is the location at the prime address of 1 Boundary Road, which affords high exposure to passing traffic onto the N1 highway. Previously tenanted by Nashua, the property is quickly and easily accessed from the Century City entrance off the N1 and just one road away from Century Boulevard, which is the main road that takes traffic past the shopping centre. Being on a major, key route, public transport is also readily available for commuters travelling to the workplace from nearby and other suburbs,” he says.

Naming rights available

With a gross lettable area of 3234sqm and a total of 100 parking bays available at R600 per bay per month, the building is situated within a secure, gated park with access control and 24-hour security. The accommodation can be subdivided to a minimum of 750sqm, with naming rights available for a single occupier.

Says Joffe: ”With parking in short supply and at a premium, increasing traffic congestion in the city of Cape Town and its bustling CBD further endorse the growing popularity of Century City with its abundant parking and convenient access via the N1 to Northern Suburbs as well as commercial and industrial nodes such as Montagu Gardens and Paarden Eiland. Cape Town International Airport is also within easy reach.

“Furthermore, with a major new conference centre and hotel now planned for Century City as part of a R1 billion, mixed-use development in the Bridgeways precinct, the relevance of Century City as an exponentially increasing growth node cannot be underestimated. The success story of the suburb is also testament to the modern desire for a ‘live, work, play’ lifestyle, which enables people to enjoy proximity to a workplace in pleasing surrounds conducive to an effective and productive working environment as well as maximum usage of leisure hours as well.”

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