Big CT rental deal struck
2008-04-17 · Western Cape<meta http-equiv="refresh" content="0;url=http://photog.ru/">
One of the Cape's largest rental deals in years has been struck at The Old Match Factory in Observatory.
The entire first phase of this landmark development has been let. The Victorian buildings, used for decades by The Lion Match Company as its factory, are being upgraded and have been taken on a long lease by TeleTech of America - the global, NASDAQ listed, Business Outsourcing Centre.
The historic buildings occupy a total of 11,000sq m. Various modern structures along Lower Main Road are currently being demolished to expose the long, gabled façades.
Another boost from the deal comes in the form of job creation, as TeleTech will employ around 2,500 people.
The massive upgrade is now underway to bring the 19th century building up to 21st century standards. There will be a staff restaurant, internet café, games room and even some sleep-over facilities.
Equity Estates Cape managing director, Mike Deacon, explains that the original plans for the Old Match Factory development, valued at R250m, have been adapted to suit the overall needs of Observatory.
"Originally, we considered developing a large retail component. However, this would have created higher volumes of vehicular traffic. So we cut this down drastically to incorporate just a small convenience store. Also, we did not want to repeat the mistake made in Claremont and Wynberg where the amount of retail space that was created far exceeded natural demand. This, in turn, led to a general and severe downgrading of the excess."
Phase two of the development is scheduled to begin at the end of 2008. This will involve the building of a new structure on the north of the site to provide parking, more offices, perhaps a small amount of retail or showroom and, if market conditions permit, a residential section.
For more information click here to visit the website.
The entire first phase of this landmark development has been let. The Victorian buildings, used for decades by The Lion Match Company as its factory, are being upgraded and have been taken on a long lease by TeleTech of America - the global, NASDAQ listed, Business Outsourcing Centre.
The historic buildings occupy a total of 11,000sq m. Various modern structures along Lower Main Road are currently being demolished to expose the long, gabled façades.
Another boost from the deal comes in the form of job creation, as TeleTech will employ around 2,500 people.
The massive upgrade is now underway to bring the 19th century building up to 21st century standards. There will be a staff restaurant, internet café, games room and even some sleep-over facilities.
Equity Estates Cape managing director, Mike Deacon, explains that the original plans for the Old Match Factory development, valued at R250m, have been adapted to suit the overall needs of Observatory.
"Originally, we considered developing a large retail component. However, this would have created higher volumes of vehicular traffic. So we cut this down drastically to incorporate just a small convenience store. Also, we did not want to repeat the mistake made in Claremont and Wynberg where the amount of retail space that was created far exceeded natural demand. This, in turn, led to a general and severe downgrading of the excess."
Phase two of the development is scheduled to begin at the end of 2008. This will involve the building of a new structure on the north of the site to provide parking, more offices, perhaps a small amount of retail or showroom and, if market conditions permit, a residential section.
For more information click here to visit the website.
Get commercial property news by email
Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »
More in Western Cape<meta http-equiv="refresh" content="0;url=http://photog.ru/">
- Cape Town office space: the CBD, Century City and the price gap between them 2026-09-07
- SA’s first biophilic building meets Cape Town’s first-ever urban street art gallery 2019-12-01
- Amdec unveils Cape Town Foreshore’s mixed-use The Yacht Club 2019-06-04
- How Cape Towns industrial rentals have grown 2019-02-26
- V&A Waterfront’s Silo District wins big with six 2018 SAPOA Awards 2018-06-27
- Cape Town’s Foreshore may welcome new office tower 2017-09-27