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CONSTRUCTION WORLD
JUNE
2015
PROPERTY
Position remains one of the strongest
factors for commercial properties espe-
cially in Johannesburg where quick and
easy access to main arterial routes provides
much needed relief from traffic congestion and
time-consuming delays.
In line with this, Barrow Properties has
developed a new office park – Waverley Office
Park – where the recently completed building’s
glass façade has already become a recog-
nisable landmark.
The excellent visibility and accessibility
afforded by its prime location alongside the
M1 highway with its close proximity to the
Corlett Drive on and off-ramp has created
significant interest in the development.
It is placed directly opposite the well-known
Melrose Arch precinct, albeit at far more attrac-
tive rental rates, while still having access to
the business and lifestyle amenities afforded by
this urban centre.
Looking at the style of the building architect
Ivan Schlapobersky describes it as ‘modern’
and explains that the philosophy behind the
design was to maximise the view over the M1
towards Sandton, while also creating an energy
efficient building.
“This proved quite a challenge but was
achieved by creating a double glass façade on
the west of the building facing the highway,
with a space of 1 m between the facades.
“This had the effect of deflecting the heat
of the sun while still capturing the view
allowing the cars on the highway to appear as
if they were dancing across the reflective outer
glass façade.”
He adds that both buildings within the
development also make maximum use of the
rooftops for entertainment with stunning views
over Sandton. Facilities on the roof include
lawn, braais and built in kitchens with a covered
roof in Building 1 and a pergola in Building 2.
Construction is commencing on the second
phase of the Waverley Office Park.
Two more buildings with highway frontage
will be added to the office park providing an
additional 5 500m² of rentable office space.
These buildings are ideally suited to tenants
James Templeton, CEO of Emira,
explains that by converting to a
Corporate REIT Emira will simplify
and improve its structure, trigger greater
shareholder rights for its investors, and gain
added functionality for its business.
Templeton comments: “Emira will be
the same business with the same strategy,
management team, assets and prospects,
but benefit from the foundation of a more
streamlined, competitive structure that is
better understood by investors worldwide.”
Emira is invested in a quality diversified
portfolio of office, retail and industrial
properties. Its assets comprise 148 prop-
erties valued at R12,5-billion. Emira is also
internationally diversified through its direct
interest in ASX-listed Growthpoint Properties
Australia (GOZ), valued over R700-million,
NEW HEAD OFFICE IN WAVERLEY
OFFICE PARK
Sekela Xabiso has recentlymoved in to its newhead office inWaverley
Office Park, the first phase of which is now complete. The first two
buildings in this office park consist of 5 000 m² of space across two
buildings. Barrow Properties recently leased the bulk of Building 1
to auditing firm Sekela Xabiso with 1 500 m² still available for lease
in the office park.
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About Barrow Group:
The Barrow Group comprises Barrow
Construction and Barrow Proper-
ties. Barrow Properties is involved
in the assembly, acquisition and
development of land for commercial
purposes. The main focus is on office
development in and around Johan-
nesburg. Completed buildings are
generally made available for sale or
lease. BarrowConstruction is respon-
sible for all the construction work on
the projects but is also involved in
contract work for third party clients
and is active in the tender market.
The group is family-owned and
managed with the fifth generation
currently at the helm.
looking for 2 000 m² or 3 500 m² in stand-
alone buildings.
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SET TO BECOME A CORPORATE REIT
Emira Property Fund has announced details of its strategic
conversion to an internally managed Corporate REIT, listed on the
JSE. Emira is presently a Collective Investment Scheme in Property,
which is alternatively known as a Property Unit Trust (PUT).
with total assets now at R13,5-billion. In
September 2010, Emira effectively internalised
its management company but, as a PUT REIT,
needed to keep the legal entity of its external
management company. In 2013 Emira was
granted REIT status by the JSE and in 2014,
after extensive consultation, the FSB issued a
document laying out the process for a PUT
REIT to convert to a Corporate REIT.
Now, by converting to a Corporate REIT,
Emira will remove its external management
structure permanently andmove its simplified
business into a new legal entity, called Emira
Property Fund Limited (New Emira). New
Emira will be listed on the JSE as a diversified
Corporate REIT. As a Corporate REIT, New
Emira will no longer report to the FSB, but to
the JSE instead.
James Templeton, CEO of Emira.