Nedbank backs inner city property development

Nedbank Corporate Property Finance has thrown its weight behind urban renewal and the revitalisation of the inner city by backing a development in the CBD of Johannesburg.

In a R41 million finance deal, Nedbank has backed the redevelopment of the existing nine-storey building at 16 Frederick Street in Marshalltown into a modern residential apartment building.

Once completed, the property will boast a total GLA of 4 503m2, consisting of 138 residential units, including 68 studio units, 48 one-bedroom units, 17 two-bedroom units and five duplexes, as well as 300m2 of retail space on the ground floor and 36 parking bays in the basement.

"Nedbank Corporate Property Finance is pleased to participate in the exciting urban renewal taking place in inner city Johannesburg, the powerhouse of Africa," says Ken Reynolds, Nedbank Corporate Property Finance divisional executive for Gauteng.

"The nine-storey building is well-located in the heart of the CBD, on the corner of Frederick and Sauer Streets, directly opposite the Standard Bank superblock. It offers easy and convenient accessibility to various transportation nodes, including the Metro Taxi rank and Ghandi Square Bus Terminal.

The project falls within the Urban Development Zone of the Johannesburg CBD, the focus point of the inner city development programme aimed at converting old, derelict office buildings into good quality residential developments. The surrounding buildings are in impeccable condition, and this building is, in fact, the only one available in this node for a full refurbishment for an 'A' grade tenant.

Demand for residential accommodation in the area is strong in light of the ongoing shift of young professionals from outlying regions into the CBD to benefit from living close to work, educational institutions, transport and amenities. All these factors ensure that this is yet another successful inner city project backed by Nedbank Corporate Property Finance," concludes Reynolds.

Last year, Nedbank Corporate Property Finance provided finance for the R100 million redevelopment of an office building situated at 29 Kerk Street in the Johannesburg CBD, also for sale to Diluculo on completion of the refurbishment, which was completed in an impressive five month contract period without sacrificing quality.

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