Montecasino teeming with new projects

The Montecasino node in Fourways has developed into one of the leading property areas in Johannesburg where people can live, work and relax. The area is experiencing sustained growth, which includes office developments and two new hotels.

One of the projects which will be completed in May is The Pivot, an office and hotel development which is a joint enterprise between Abland, Tsogo Sun and Absa.

This office park has gross rental space of close to 13,500sqm and this process is going well, says Anne Bier, rental consultant for JHI. The rental rate is R126/sqm and the occupation date for the offices is the 1st of May. This development includes a four-star Southern Sun hotel with 194 rooms.

Kevin Page, development director at the Tsogo Sun Group, says The Pivot is aimed at being a successful merger between a hotel and office development with Montecasino’s entertainment facilities and restaurants on its doorstep.

Steve Howell, chief manager of Montecasino, says this development has developed into one of Gauteng’s most sought-after entertainment attractions over the last eight years and The Pivot is contributing to the multiphase destination.

LongPoint, an office development that includes a City Lodge with 211 rooms and retail space, is drawing a lot of attention.

Bier says she recently concluded a rental agreement with an international company for office space of 600sqm.

The office component of the development is nearing completion and entails gross rental space of 4,532sqm. It also makes provision for smaller tenants who want to rent between 100sqm and 1,000sqm. Rental rates are R125/sqm and the retail space is full let.

Richard Currie of the Currie Group, owner of the development, says the node is the new “North” and is quickly becoming the home of big firms.

Further down Cedar Road a new sectional title development, Willow Wood Office Park, is nearing completion.

John Whall, director of the Montagu Property Group, the developers of the project, says Fourways has expanded considerably over the last few years with the development of residential properties and shopping centres.

“The development of offices is the next logical step.”

He says residents in the area are now able to work where they live and this will relieve the traffic gridlock on the roads.

Willow Wood includes a total rental space of 6,816sqm in four blocks. The office suites range between 150sqm and 280sqm and sells at R13,900/sqm.

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