Commercial, Johannesburg CBD
Overview
Based on a positive long term view of the viability of the Library Gardens precinct, the asset was acquired in 2004 for R2 million. Surrounded by government buildings and underwritten by the cash flow of an existing blue chip tenant, the property was cash flow neutral from acquisition.
Further to Standard Bank’s requirement for additional area, the previous double volume banking hall was enclosed (increasing GLA) and a simultaneous upgrade of the main foyer was completed. The subsequent relinquishment of basement level vaults and storerooms provided a unique opportunity for their conversion into additional parking bays.
Granite provided a turn-key project management solution from feasibility and contractor procurement to finance and lease negotiation. Today, the asset is valued at in excess of R20 million and Granite is responsible for the ongoing property management and strategy development which includes the further phased refurbishment and leasing of the upper floors.
Key Features
| Acquisition Price: | R2m |
|---|---|
| Market Value: | >R20m |
| NLA: | 5,500m2 |
| Initial Attraction: | JHB CBD rejuvenation opportunity, blue chip tenant, initial cash flow neutrality. |
| Initial Strategy: | Retail and basement refurbishment with a view to attracting further tenants. |
| Current Strategy: | Refurbishment and sectionalisation of upper floors. |
Granite Roles
- Strategic Asset Services
- Project Management
- Property Management
- Facilities Management
- Corporate Accounting