Construction World August 2015

SHOPPING MALLS AND OFFICE DEVELOPMENTS

GROSVENOR SQUARE NEARING COMPLETION Buyers have snapped up 23 of the 37 sectional title offices in the R120-million Grosvenor Square development nearing completion in Century City.

The 5 364 m 2 development is being built on a high visibility site diagonally across the road from a new Intercare Day Surgery Hospital and Primary Care Centre in the sought-after Central Park precinct. The site is bordered by two of the main roads in the precinct, Century Boulevard and Century Way. Mariska Auret, project manager with Rabie Property Group which is developing the project, said practical completion was on schedule for September this year with occupation expected from November onwards. She said the development was aimed at small to medium size owner occupiers and tenants includingmedical consultants and specialists wishing to be located near to the new Intercare facility. “Grosvenor Square follows the successful sell out of the neighbouring Quays office development comprising 39 sectional titles offices and Central Park, a low rise 18 000 m 2 office park development comprising mostly standalone buildings and catering for larger users. “We expect strong interest in the remaining units and from tenants as the development nears completion, particularly given its proximity to the new Day Hospital and Primary Care Centre in Central Park and an array of other facilities in easy walking distance.” Designed by Tim Hughes Architect and being constructed by Murray & Roberts, Grosvenor Square will comprise five A-grade low rise buildings set around a picturesque courtyard and offering flexible options to tenants from 90 m 2 to 3 000 m 2 . A total of 200 parking bays – 170 basement bays and 30 open bays – on a ratio of around 3,5 per 100 m 2 will be provided. Units are selling at around >

R22 000 excluding VAT per square metre, inclusive of parking and A-Grade tenant installation, including all internal finishes and air conditioning. A limited number of store rooms are also available for sale. Rentals, she said, would be around R155 per square metre for 2016. Grosvenor Square will have access to Century City Connect, Century City’s cutting-edge, open access fibre optic network which is enabling the country’s fastest voice, broadband and multi-media services from a multitude of Independent Service Providers.