After an intense tender and selection process by Webber Wetzel Attorneys, which received some 27 submissions by sector heavyweights including Redefine, Growthpoint, Zenprop, Intaprop and others, it has awarded the tender to Redefine Properties.
Redefine will invest R895 million to build Webber Wentzel Attorney’s new headquarters at its 90 Rivonia Road property in Sandton. This excludes the value of the existing building which will be fully demolished.
Mike Ruttell, Head of Development for Redefine Properties says: “We’re pleased to be awarded this tender by Webber Wentzel Attorneys, especially considering the extent of the competition for this contract. This project continues Redefine’s strategy of investing in high-grade properties with blue-chip tenants. We’re excited to develop 90 Rivonia Road to become one of Sandton’s flagship buildings and another quality asset for Redefine.”
90 Rivonia is superbly situated at the gateway to Sandton opposite Sandton City and close to the Sandton Gautrain Station.
Alexander Forbes was the previous tenant of 90 Rivonia Road. This lease expired during October 2012. Demolition has already commenced.
The property is expected to have a value of approximately R1,1 billion after the development is completed.
The new 90 Rivonia Road will comprise 34,500m2 of space, developed in two wings. One wing of 26,000m2 will be occupied by Webber Wentzel Attorneys and the other will be developed for its future expansion.
The prime offices feature seven levels of parking with three different entrances and exits altogether off Rivonia Road and Katherine Street. On top of this, the ground floor plus seven levels of offices will be constructed.
Ruttell reports the redevelopment will seek a Green Building Council of South Africa Green Star four-star rating.
“We look forward to welcoming Webber Wentzel to the Redefine family. They will occupy their new offices from 2014,” says Ruttell. “This property will provide many unique advantages for business and its redevelopment will see it elevated to become one of Sandton’s most recognised and sought-after business addresses.”
JSE-listed Redefine Properties owns a diverse portfolio of property assets, valued at more than R39 billion. Its local investment assets include 263 properties valued at R21,2 billion and R5,6 billion of strategic listed property securities.