Growthpoint Properties and the Rabie Property Group are to jointly develop an 18 700 square metre office project in Century City to meet the burgeoning demand for offices in the precinct.
The R450 million planned Bridge Park project would be the second largest office development undertaken at Century City to date and will be built in two phases.
To be known as Bridge Park, the development will comprise two large “green” buildings to be built on a high profile site on Ratanga Road in the Bridgeways Precinct.
Colin Anderson, a director of Rabie Property Group, says the R450 million planned Bridge Park project would be the second largest office development undertaken at Century City to date and will be built in two phases.
He says the release of new office development at Century City was tightly controlled by the landowners, Rabie, in order to protect investment values.
“This is the first time we have done a speculative development of this size and calibre, which is a direct result of office vacancies in the precinct having fallen to an historic low of below 3 percent.”
According to Anderson the Bridge Park project, which has been registered for a Green Star SA Office Design v1 rating with the Green Building Council of South Africa, is to be built in the Bridgeways Precinct at Century City where three other “green” office blocks are currently under construction.
In fact the developers are aiming for the entire 150 000 square metre precinct to be the first fully “green” precinct in South Africa
Anderson explains that Bridge Park was ideally suited for corporates looking for between 1 500 square metres and 18 000 square metres and the joint venture with Growthpoint, South Africa’s largest listed property fund, was a strategic tie up as it would provide future expansion options for Growthpoint’s extensive tenant database.
Growthpoint already has a significant office portfolio at Century City totalling just under 21 000 square metres over six buildings, five of which are in The Estuaries office park and which are fully let.
Only 250 square metres of offices remain to be let in their Century City portfolio.
Rudolf Pienaar, divisional director of Growthpoint Properties says Bridge Park would increase their exposure at Century City by 50 percent and was indicative of their confidence in the future of this mixed use precinct.
To be built on an attractive green podium, the two four storey buildings will boast striking glazed and aluminium panelled facades, large balconies and enclosed private forest spaces.
Basement parking will be provided on a ratio of 3.5 bays per 100 square metres with plenty of additional parking within a short walking distance.
Construction of the first block, Bridge Park East, is due to commence by the end of 2013 with completion scheduled for early 2015.
The timing for Bridge Park West will be determined by market demand, he says.
Designed by dhk Architects, both Bridge Park West and Bridge Park East will offer occupants excellent exposure onto Ratanga Road and spectacular view of Table Mountain, Devil’s Peak and Lion’s Head.