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May 30, 2007:
Construction is about to get under way on the new R300m Greenstone Hill Office Park development in Modderfontein.
The joint venture includes Barrow Properties, Vunani Properties and Sherratt Property Ventures. It comprises 25 000 sq m of campus style offices within Heartland Properties' Greenstone Hill (mixed-use precinct). The area will accommodate various retail, commercial, residential and industrial segments.
The office development is alongside the recently opened 70 000 sq m Greenstone Mall, the 50 000 sq m Stoneridge Lifestyle Centre opening in September 2008 and related commercial precincts, thus providing the full spectrum of amenities in the new node.
Barrow said most of the buildings will offer units for sale or lease from 800 sq m upwards, with one being divided into smaller individual sections from 120 to 280 sq m in size.
Selling prices will be approximately R11 500 sq m (including parking) and leasing will be at R85 sq m (gross). All will be delivered as base build units with a high degree of customisation possible for clients.
Grant Lotter of Moren Williams architects says the buildings are of contemporary design within a parkland setting, complete with water features, walking paths and luxuriant landscaping.
The buildings will comprise of two storeys plus basement with five parking bays per 100 sq m, and featuring 'A' grade finishes in a high security environment.
Graham Sherrat of Sherrat Property Ventures comments that the launch coincides with demand exceeding supply in the commercial property sector, reinforced by a new report on the positive performance of the South African commercial property market.
The research group's global index for property returns shows that South Africa out-performed all global markets analysed, with returns of 30,1% pa over a five year period to 2006. Ireland came second with 24,3%, followed by the USA with 20,2%.
Pieter Mackenzie of Vunani Properties adds:"There is every indication that the strength of the local commercial property market, as reflected in the report, will continue.
"The Heartland precinct is strategically positioned relative to Sandton, Bedfordview, Isando, Midrand and other key areas, including the main Gautrain route to OR Tambo International."
