Construction World June 2015

PROPERTY

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.

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

looking for 2 000 m² or 3 500 m² in stand- alone buildings.

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.

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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).

James Templeton, CEO of Emira, explains that by converting to a Corporate REIT Emira will simplify

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.

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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,

James Templeton, CEO of Emira.

CONSTRUCTION WORLD JUNE 2015