Selling like hotcakes

Property development and investment director of Barrow Properties, Paul Barrow, says the buyers have been a combination of investors and owner occupiers which include law firms and accounting and financial companies.

Barrow says given the less than favourable current economic conditions, the company has been encouraged by the positive response. He says the development’s proximity to the Gautrain has been critical. “Location is a key criteria… the opportunity to own office space in the CBD next to the Gautrain is unique.”

Construction on the development commenced in September 2011 with four of seven penthouses sold off plan. The rest of the complex consists of 45 sectional title office units. Barrow says he believes the market for triple A office space is still viable with B and C grade buildings being under pressure. “We are catering for companies from 120m² to 1000m². We are not competing at 2000m² and above where there could be some strain,” Barrow says.
The group is offering potential clients an installation allowance of R1 400 per m².

Barrow says efforts have also been made to ensure the development is environmentally friendly in terms of its design, using solar on the roof and the installation of a chilled water system for the air conditioning. “We are also looking at the West street façade which is glass to ensure optimum lighting and temperature control.”

A news release in 2011 described the sectional title part of the development as “AAA” grade office space which is quite rare in Sandton, where massive buildings and sites belong to heavyweights like Nedbank, the JSE (Johannesburg Stock Exchange) and numerous other entities.

It said: “Forty five sections of ‘AAA’ grade office space are being marketed, ranging from 120m² to 1000m² at R23 900m².” This includes basement parking, storerooms and balconies ensuring an entry level price of R3.9m.

Major purchasers will also have the option of buying entire floors of just over 2000m². There will be six levels of parking providing a parking ratio of four bays per 100m² of office space.

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