Three industrial buildings on Albert Road Woodstock are being redeveloped into a trendy, upmarket mixed use complex - The Woodstock Exchange.
The three buildings were acquired late last year at a cost of R20.5 million by Dormell Properties, also behind the redevelopment of the hugely popular Old Biscuit Mill which is close by.
The redevelopment is scheduled for completion by the end of the year.
The three buildings were acquired late last year at a cost of R20.5 million by Dormell Properties, also behind the redevelopment of the hugely popular Old Biscuit Mill which is in close proximity.
The redevelopment, which is costing a further R17 million, will result in a total GLA of around 11 420 square metres and a combination of studio, retail and office space.
Barry Harlen of Dormell Properties says the development comprised two front buildings joined to form the front block with the third block positioned behind this.
The front block has five floors while the back building consists of a basement level, which is mostly parking, and six more floors.
He says in terms of the redevelopment, they had demolished internal walls to open up the light well and installed glass shopfronts to let in as much light in as possible.
Harlen explains that they strive to create a community type feel to the development and there will be art installations throughout, an area to lock up bicycles, showers for those who cycle to work, great communal areas for tenants to share, an ATM, restaurants, coffee shop and the like so that it will be a great place for like minded, creative tenants to work and share their ideas.
Nicola Villarini, portfolio executive of Rabie Property Administrators (RPA) which has been appointed to manage the development, says when completed The Woodstock Exchange would house a total of around 60 tenants many of which were from IT or creative industries.
“In fact we are almost fully let with just one unit remaining.”
She says many of the units were studios with an average size of around 130 square metres and had been let for around R45 per square metre.
While many of the previous tenants have been retained and the redevelopment has taken place around them, the owners have also secured new tenants including Bandwidth Barn, Google and Pedersen & Lennard among others
Villarini says they were very excited about the new development, which would be the 10th building in the Indigo/Dormell property portfolio that RPA had been appointed to manage