Launch of Park Lane Office Park in Pinelands

A new office park is to be developed on one of the most sought after sites in the southern suburbs, adjoining the Vincent Pallotti Hospital in Pinelands. The site is located just off the N2 freeway on the corner of Park Lane and Alexander Road and has excellent access to the entire Peninsula’s arterial road network. It is also close to Pinelands Station making it ideal for rail commuters. Importantly, it is located on the southern side of the Black River Parkway / N1 Freeway interchange meaning the residents of the southern suburbs will not have to endure the massive traffic queues gaining access to the N1.

According to Colin Murray, a director of Baker Street Properties who have been appointed sole marketing agents, the development will total approximately 7000m² of “A” grade office accommodation set in a landscaped environment. The site will feature extensive paved areas, water fountains and outdoor seating / leisure areas.

Murray adds,” The development will comprise three individual office blocks measuring 2182m², 2182m² and 3493m² respectively. These buildings will be sub-divisible into units of approximately 250m² and will either be for sale on a sectional title basis or to let. Parking will be provided at a generous four bays per 100m², the majority of which will be located underground. The buildings will be finished to ‘A’ grade specification and include double volume entrance foyers with marble clad entrance flooring. The exterior finishes will include low maintenance aluminum windows and a Mediterranean style clay tile roof. Many of the offices will have panoramic views of Devil’s Peak and the Back Table of the mountain.

“The entire site will have security fencing and the access points will be monitored by 24 hour security as well as CCTV camera surveillance.”

This popular business node includes major office tenants such as Medscheme, MTN, Engen and Global Edge Technology. The largest property owner by far being Old Mutual which has their head office on Jan Smuts Avenue nearby.

Murray says that this is virtually the only sectional title office development available in the southern suburbs. He believes that the space will be quickly taken by purchasers wishing to stabilize their rentals and enjoy a rapidly appreciating asset. Building costs are currently growing at an alarming rate and the Rode report recently predicted that office rentals needed to increase by 70% to make new developments viable. Coupled with rising costs was the scarcity of commercially zoned land, which was extremely difficult to find in the southern suburbs. He pointed out that a similar situation in the early 1980’s saw rentals double overnight and then treble in the space of three years.

“Even prior to the completion of final drawings enquiries have already been received for approximately 3000m² of office space, 2000m² of which is under final negotiation, “says Murray

Construction is due to commence in September 2006 and is scheduled for completion in October 2007. 

Source: eProp - www.eprop.co.za

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