select
|

Ridge 7 in Umhlanga sells out

FWJK Developments has announced the go ahead of its seventh A Grade office block at Ridgeside, Umhlanga to be known as Ridge 7.



According to Kobus Blom, a director of FWJK Developments, the R190 million sectional title development has been sold on FWJK's co development at cost basis to a mix of investors and end users seeking out the opportunity to secure brand new offices at cost without developer's profit mark-up. The prevailing very low vacancy factor in the Ridgeside Office Estate Precinct has underwritten the sales success of this development.   
 
Designed by FWJK's architectural division, the building will offer 8,000m2 of prime sea facing office space with five parking bays per 100m2 and will have its own signature cafe for the entertainment of the building's occupants and clients.

Investec approved the development funding for the Ridge 7 project on the strength of the offering’s value, the calibre of its investors and FWJK’s track record, said Brendon Wray of Investec Private Bank. Investec has also funded numerous other FWJK projects including their highly successful R280 million Coral Point development at Sibaya, Durban.  

In Cape Town, Investec has also funded their R230 million Touchstone House office development and two further residential developments currently under construction being the R340 million Obs Court development and their R380 million Docklands development. 

Construction of Ridge 7 will commence in August 2017 and will be complete during the first quarter of 2018 added Blom.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK