AFTER spending R1.77bn upgrading Sandton City Mall, Liberty Holdings and Pareto have approved a R450m investment for the refurbishment of the Sandton Twin office complex, part of the landmark Sandton City complex.
The complex will be aptly renamed Atrium on 5th.
Co-owned by Liberty Holdings and Pareto, the upgrade will be managed by Liberty Properties.
The Sandton City Office Tower has been a focal point in Sandton from its location on 5th Street since it opened for business in 1973. The 22-storey high-rise is one of the most recognisable landmark buildings in the Sandton node.
Liberty Properties property development divisional director Graham Kusano said during its 40-year history, the building has undergone routine maintenance and safety checks.
“The building remains structurally sound, but given the age of the building, routine restorative and preventative maintenance needs to be undertaken. Two independent firms of structural engineers completed recent audits of the building to assist in developing the programme,” he said.
Mr Kusano said a decision to launch a simultaneous aesthetics and security upgrade of the building coincided with the maintenance works. He said the exterior of the building will be revived in line with development in the broader Sandton complex.
“A new glass façade will ensure it remains relevant in the prestigious Sandton central node. In addition to the refurbishment of the façade, routine maintenance work will be conducted and we anticipate the project to be completed in approximately 18 months.
“Existing tenants are fully apprised of the situation and can rest assure that all occupational, health and safety regulations will be adhered to at all times during the project.”
Stanlib Direct Property Investments chief investment officer Amelia Beattie and Pareto CE Marius Muller said in a joint statement: “The investment is in line with both Liberty and Pareto’s strategy to ensure the properties are kept well-maintained and pertinent to their surroundings, and coincides with the multimillion rand rejuvenation of the Sandton Twin Towers complex to create the prestigious Atrium on 5th commercial development.
“We are proud to be working on another project which will enhance the value of the property, and over time the refurbishment will make the building more appealing to tenants.”