If you’ve stayed at Colosseum Luxury Hotel during the past few months, you would undoubtedly have noticed the hive of activity in the area surrounding the hotel, but what exactly is going on? One of the biggest upcoming developments is a joint venture by Growthpoint Properties and the Rabie Propterty group to try and meet the growing demand for office space in the area, with a R450 million development project.
The development will be known as Bridge Park, and is to consist of two environmentally friendly buildings, on Ratanga Road in the Bridgeways Precinct. According to Colin Anderson, a director of the Rabie Property Group, it will be the second largest office development project ever embarked on at Century City. The construction itself will be completed over two phases and will cover a whopping 150,000 square metres.
The Bridge Park project has also been registered for a Green Star SA Office Design v1 rating with the Green Building Council of South Africa as it aims to for the entire precinct to be the first entirely “green” precinct of its kind in the country.
Anderson added that the new development was being very closely controlled by the landowners, Rabie, to help protect its investment values. He went on to say that “this is the first time we have done a speculative development of this size and calibre which is a direct result of office vacancies in the precinct having fallen to an historic low of below 3%.”
Bridge Park will be ideally suited to corporates looking for floor space ranging from 1,500 to 18,000 square metres. Growthpoint, who are South Africa’s biggest listed property fund became involved as they could provide future expansion solutions for their extensive base of tenants. Divisional director of Growthpoint, Rudolf Pienaar stated that Bridge Park would increase the exposure of Growthpoint Properties in Century City by 50% and that the figure was indicative of their confidence in the future of the mixed use precinct.
Construction on the first block, Bridge Park East, is scheduled to starts by the end of 2013 and due to be completed by early 2015. The precinct has been designed by dhk Architects and with the views of Table Mountain, Devil’s Peak and Lion’s Head in the distance, the offices are sure to be in high demand.