New Century City land release
Published: October 20, 2010
Aerial view of Century City, with the red dot showing the site of the new Park Lane office park.
Small developers and owner occupiers who want to develop or build their own offices at Century City will soon be able to do just that, says John Chapman of the Rabie Property Group.
Park Lane, a new 11 000 m2 office park, will offer buyers a total of 16 serviced erven in a park-like environment. The sites vary in size from 440 m2 to 1 100 m2 with development rights of between 300 m2 to 1 100 m2. The prices range from R3 150 to R3 400 a bulk metre.
This is only the second time in five years since Rabie Property Group acquired the remaining undeveloped land at Century City that it has made serviced office development sites available to other developers or owner occupiers.
The launch of Park Lane follows the success of the 35 000 m2 The Estuaries office park where 18 serviced commercial sites were sold out within two weeks and where construction is now almost complete and the development fully tenanted.
Chapman says Park Lane is being developed in response to market demand from buyers for smaller, zoned, sub-divided land with office rights in the growing precinct.
Park Lane is to be developed on a site in the heart of Century City next to Central Park and within walking distance of all the precinct’s other amenities including Canal Walk shopping centre, Intaka Island and the Public Transport Interchange.
He says although individual erven are available for sale, the office park has been designed holistically as a village of offices, and architectural guidelines were drawn up by Tim Hughes Architects to ensure that each building responded to its neighbours which would protect buyers’ investment in future.
“The design allows for a mix of undercover parking and on-grade courtyard parking with a strong emphasis on pedestrian pathways and the use of brick elements to accentuate the courtyards. Servicing of the site will start at the end of the month, and completion and transfer of the erven are expected to take place in April next year.”
This development, which is expected to attract total investment of around R200m, will bring the amount of commercially zoned land developed or sold at Century City to date to just under 300 000 m2.
A new low rise “A-Grade” office block in Century City, to be completed in 2011. An emphasis on privacy and protection from the elements has inspired this courtyard themed office building where the use of landscaping and ‘green screens’ help to internalise the park atmosphere within the office environment.
Construction is due to begin mid 2011.
An artist’s impression of the new R45 million AAA-Grade sectional title office development in Century City, to be developed by Horizon Capital.
Horizon Capital is to develop three AAA-grade sectional title office buildings, to be known as Hyde Park House, Oxford House and Piccadilly House, in Park Lane Office Park at Century City.
The R45 million development is expected to be complete at the end of 2012. Horizon Capital is a Cape Town based boutique commercial property investment house, providing a comprehensive investment and management service to its clients, and specialising in directly-owned, diversified commercial property portfolios. The firm has experience in smaller sectional title offices and has incorporated this understanding into the development to provide offices that will let easily and provide excellent long term investments.
A team of top professionals in their industries have been employed to carry out the project, overseen by Horizon Capital’s in-house team of property professionals, says John Witter of Horizon Capital.
Century City is a 250ha mixed-use development with a strong public transport system and excellent security. The Park Lane Office Park precinct is in the heart of this “city within a city” within easy walking distance of many amenities, including Canal Walk Shopping Centre, Intaka Island nature reserve, the Century City clubhouse, a sports oval and a daycare centre. A top convenience retail-chain and popular coffee shop are both due to open stores just a few metres from the development. The offices will be linked up to Century City Connect, an open access fibre network which will offer tenants the country’s fastest broadband data, voice and multi-media services.
“The sectional title office units will range in size from 200 to 250m², with flexible leasing options resulting in space available to let as small as about 80m². There are also the options of buying or leasing an entire building of about 500m². Semi-basement and ground-level parking bays will be provided, along with balconies, large terraces and storerooms with certain units. The offices are to be developed to a high specification, with AAA-grade finishes throughout,” says Witter.
A number of green building initiatives will be included in the design of these office buildings, with a focus on energy and water efficiency to reduce operating costs and mitigate the risks of non-compliance with future regulations. In addition to lower running costs, building occupants will benefit from an improved working environment, and Horizon Capital expects the buildings to command better rentals as a result.
Some of these innovations include energy-efficient lighting; movement and daylight sensors; good natural lighting and ventilation; electrical sub-metering; zoned, occupant controlled air-conditioning; recycled, non-potable water for landscaping and toilets; water-efficient fittings; indigenous landscaping; recycling facilities; and bike storage, showers, changing facilities and lockers to encourage cycling to work.
Horizon Capital is offering investors an opportunity to own AAA-grade office property in a prime location, of which there is currently a shortage, says Witter.
“Prices start at about R4 million excluding VAT. The development offers investors attractive yields, good capital growth prospects and, particularly with gearing, the potential for outstanding return on investment. We would also be able to assist investors with buying additional properties to build diversified portfolios, which Horizon would then manage. Horizon Capital’s services include raising finance and fixing interest rates on borrowings at appropriate times.”
The professional team includes: project manager Trevor Drabbe of Monarc Developments; architect Tim Hughes of Tim Hughes Architects; structural engineer, Stephen Brand of DeVos Paxton; and land surveyor, Biff Lewis of Biff Lewis Geomatics.
For further information, sales and leasing enquiries, call John Witter on 021 425 8586 or 082 906 2866, or visitwww.horizoncapital.co.za.
Source: SA Property News
Park Lane developers to invest further R10 million after 75% presales
Published: February 1, 2012
Seventy-five percent of the units have been sold in the first two buildings at Park Lane Office Park, Horizon Capital’s new office development in Century City, and the developer has decided to invest a further R10 million to satisfy the demand from investors and tenants for small, top-quality sectional title office properties.
Now with sales worth about R55 million, the first phase of the development is expected to be complete at the end of 2012, and the second phase by mid-2013, says Horizon’s John.
“The development offers investors an exceptional opportunity to buy AAA-grade office property in a prime location at an attractive net yield of 9 percent. Prices start at about R2 million excluding VAT.
“New developments like Park Lane offer investors tax benefits in terms of the Income Tax Act. Section 13 allows new building owners to claim a portion of the cost of the property as a tax deduction, in addition to the usual expense and interest deductions.”
In the latest SAPOA office vacancy survey, Century City recorded decreasing vacancy levels and far outperformed the Cape Town average. Witter believes the growing popularity of Century City as an office destination is due to its convenient location, extensive public transport system, excellent security, and wide range of nearby amenities. Adding to its appeal is Century City Connect, an open access fibre network which will offer tenants the country’s fastest broadband data, voice and multi-media services.
He says Park Lane will be one of the first SA developments to provide green office space for smaller tenants, with a focus on energy and water efficiency to reduce operating costs and comply with current and future green building regulations. In addition to lower running costs, building occupants will benefit from an improved working environment, and Horizon Capital expects the buildings to command better rentals and capital values as a result.
Some of these innovations include energy-efficient lighting, movement and daylight sensors, good natural lighting and ventilation, electrical sub-metering, occupant controlled air-conditioning, water-efficient fittings, recycling facilities, and bicycle storage and shower facilities to encourage employees to cycle to work.
The sectional title office units will range in size from 80m² to 280m², with flexible leasing options. Investors can also buy or lease an entire building of about 550m².
Horizon Capital is a boutique commercial property investment house based in Cape Town. It specialises in building and managing directly-owned, diversified commercial property portfolios, with the objective of long-term creation of wealth for its clients. Witter says Horizon Capital has gained experience in the smaller sectional title offices niche market and has incorporated this understanding into the Park Lane development to provide offices that will let easily and provide excellent long term investments.
“Typical clients are successful businesspeople who want to diversify their investments to achieve a high yield along with capital growth, or retired people who want to earn a monthly income while enjoying the capital security of property investment. A full list of Horizon Capital’s service offering is available on request,” says Witter.
Premium grade office space under construction at Century City
Published: August 14, 2012
Construction is progressing well at the premium grade office buildings being developed by Horizon Capital in Park Lane Office Park, Century City.
Brand new premium grade office space in Century City is available at a time when the prime lending rate has dropped to 8.5 percent and funding is generally available at interest rates below this.
Four freestanding buildings with a total of 20 units are being developed by Horizon Capital in the Park Lane precinct and are being sold at an 8 percent net yield.
Horizon’s John Witter says each of the office units will include air-conditioning and a kitchenette. A number of green building initiatives have been included in the design of these office buildings, with a focus on energy and water efficiency to reduce operating costs and improve the working environment for occupants. The buildings will also be fibre-ready for Century City Connect, the precinct’s broadband data, voice and multi-media services.
“Prices start at about R2.3 million excluding VAT. All units come with semi-basement and ground-level parking bays, as well as terraces or balconies overlooking landscaped gardens. The development offers investors tax benefits in terms of the Income Tax Act (S13), which allows new building owners to claim a portion of the cost of the property as a tax deduction, in addition to the usual expense and interest deductions,” says Witter.
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