The buildings, owned by Sanlam Life Insurance and asset managed by Vukile Property Fund are Norwich Place and The Forum office complex, both of which are managed by JHI Properties.
Beukes van Heerden, project manager for JHI Project Management said, “In today’s trading environment, Sandton remains a hub – highly sought after among corporates and tenants who seek a prestigious address in this convenient, central location. However, with an increase of highly appealing stock on the market in the area, enhancing and protecting rental income is a priority among property owners.”
The Norwich Place project provided a new parking deck, a modern façade treatment for the existing buildings, upgraded the central entrance, and a multi-volume glass enclosure. The atriums in the building were closed up to increase space and create a more user-friendly environment. In total, the offices were extended by 1 417sqm, and a further 283 parking bays were provided. The capital outlay of the entire project was R98.2 million.
“In Sandton, gross office rentals up to R190 per square metre are currently being achieved in newer developments. The rentals required to justify this project are much lower at R155 per square metre. In addition, the upgrade to electrical and mechanical systems will result in lower energy and maintenance costs. The redesigned façades and materials enhance the management of heat loads to achieve a more efficient air conditioning system,” said Van Heerden.
A capital investment of R20 million was used for the upgrade to The Forum office complex.
Van Heerden said, “The work carried out includes upgrading of the main entrance, revamp of lobby areas including floors, ceilings and lights, complete revamp of all bathrooms, painting of the external façade of the building and a new security system. There has also been a major improvement in the electrical system, including the implementation of green energy-saving measures wherever possible.”
Details: Rudolf Nieman or Beukes van Heerden 011 911 8000.
