The Forum, an exciting new sectional title office development comprising a series of office buildings set around an open plaza, is to be built on a prime site at Century City by Rabie Property Group at a cost of R150m.
The 10 400 square metre office development, which launches next week, is a response to market demand and follows the successful sell-out of the neighbouring Colosseum mixed-use development, construction of which is nearing completion.
It is being developed in a highly sought-after, strategically located site both within Century City and in relation to the entire peninsula with easy access to the N1. It is also in easy walking distance of Canal Walk shopping centre and the Colosseum’s highstreet restaurants and convenience retailing, which includes a Woolworths Food Store.
Other facilities a short stroll away include a 4000 square metre state-of-the-art gym to be operated by a leading brand, the four-star all-suite Colosseum Hotel, the Stayeasy Hotel, Ratanga Junction and a golf driving range.
Although forming one development, the buildings will all have their own individual character and will thus enable corporate users to reflect their own identity. It is envisaged that the plaza around which the buildings will be situated will provide a lifestyle element including a coffee shop spilling out onto the pavement.
The Forum, which will offer a high level of security, has been designed to cater for small, medium as well as larger users with flexible modules available for sale from 89 square metres through to 2800 square metres for the largest stand-alone building.
Parking is being provided on a ratio of four per 100 square metres. Three of these will be undercover and the fourth an open bay in the internal courtyard. Plentiful additional parking will be available in close proximity to the complex which is also very close to Century City’s public transport interchange.
Units are competitively priced at around R11 000 (ex VAT) per square metre, which includes tenant allowances, while underground parking bays are selling for R65 000 each. A 10% deposit secures with the balance due on transfer.
John Chapman, a director of Rabie, said that they had managed to keep the prices comparatively low due to the economies of scale that had been effected with the adjoining Colosseum development.
“If investors do a market analysis they will see this really does compare favorably with other opportunities in the market and offers good scope for significant capital appreciation..”
He said there had been significant pre-launch interest in the development, which is being financed by Nedbank Corporate Property Finance, including from a number of investors who had missed out on securing office space in the Colosseum.
Construction is expected to start early in the new year with completion to be phased from November next year.
The Professional team includes Maas & Coetzee (architects), AKI (structural engineers), Davis Langdon (quantity surveyors), 4 EM (electrical and mechanical engineers), Planning Partners (Landscape Architects), David Hellig Abrahamse (Land Surveyors) and Rabie (project managers).