Baker Street Properties recently concluded lease agreements for the entire office block known as 31 Heerengracht on Cape Town’s Foreshore. The property, which had been vacant for some time, was renovated and occupied by two tenants, one leasing 3 883m² and the other taking a full floor of 380m². The two leases which were negotiated by John McMahon and Manda Nkuhlu of Baker Street Properties, have capital values in excess of R15 million. The above re-confirms the demand for office space which has reduced vacancies to levels last seen sixteen years ago (in 1991). McMahon says “this continued reduction of vacant offices is driving rentals up, which in turn will facilitate refurbishment of older buildings and new developments in all the greater Cape Town areas”.
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