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Office space vacancies reducing in Growthpoint’s portfolio

When Growthpoint successfully leased two prime office blocks in Cape Town recently, it’s vacancy footprint in that city moved below 5%. SAPOA’s statistics for the Cape Town CBD show that office space vacancies stand at 10.2% while the high demand nodes of Century City and the V&A Waterfront stand at 8.7% and 5.7% respectively.

“Actively focusing on the office portfolio throughout South Africa is a key strategic goal for us,” explains Gregg Huntingford of Growthpoint Properties. “The fact that both properties are now fully let is in line with that goal, and represents a secure income stream for our unitholders.”

The revamped 11 Adderley Street was acquired by Growthpoint as part of its 2007 Paramount deal.

“Growthpoint acquired the property, as part of the portfolio, with no tenants, during a period of uncertain economic growth,” says Huntingford. “Nonetheless, its location and quality ensured successful leasing to blue-chip tenants.”

Situated in the heart of Cape Town’s vibrant and historical CBD, the building offers Manhattan-inspired style and proximity to restaurants, shopping and transit. It took two years to completely revamp and rejuvenate the building

Growthpont has also fully leased its six office blocks at The Estuaries Office Park in the Century City node.

“One of the major selling points was the flexibility of space available,” adds Huntingford. “We were able to offer space between 500m² and 3,500m² and even combine or link individual premises where needed.”

In addition to a superb location within one of Cape Town’s fastest growing office nodes, The Estuaries offers occupants a seamless connection with both urban and natural environments, exceptional security and ample parking at four bays per 100m².

Growthpoint Properties is the largest South African listed property company with property assets valued in excess of R30 billion located throughout South Africa. Its quality office portfolio includes 134 geographically diverse properties valued at some R13,7 billion.
 

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