Pine Park, Commercial, Cape Town
Overview
Pine Park was identified by Granite as a unique investment opportunity when listed for sale following vacation of its single long-term Tenant whom occupied the entire building.
The property was acquired in 2016, at a substantial discount to replacement cost, following which a redevelopment was undertaken to both upgrade the building and its facilities, as well as subdivide the available lettable area into 10 separate offices. The building was stabilised and 90% occupied within 6 months of completion of the redevelopment project.
Granite provided asset and project management services throughout the redevelopment of the building, as well as property management, leasing and corporate accounting services.
Further improvements/projects of which Granite has overseen include installation of photo voltaic power generation at this site, as well as the procurement and installation of a diesel generator servicing the entire building.
Key Features
| Acquisition Price: | R12m |
|---|---|
| Market Value: | R46m |
| NLA: | 3,065m2 |
| Initial Attraction: | Ideal layout for sub-division and multiple tenancy. |
| Initial Strategy | Redevelop/upgrade external façade as well as internal finishes to attract upmarket Tenants and sub-divide offices to allow for multiple tenancy. |
| Current Strategy | Hold |
Granite Roles
- Property Management
- Project Management
- Strategic Management