Vukile Property Fund has further demonstrated its commitment to maintaining and enhancing the value of its portfolio by investing R2.9 million in the refurbishment of its East London flagship property, Sanlam Business Park, a fully tenanted, upmarket, four-level building situated in Vincent, East London. Among others, tenants include Sanlam, Absa and the Department of Public Works.
Comments Amanda de Lange, Eastern Cape-based portfolio manager for JHI Properties, which nationally manages numerous properties within the Vukile Property Portfolio, including Sanlam Business Park: “With a GLA of just under 9 040 square metres, Sanlam Business Park perfectly addresses the high demand for office space outside the CBD – a growing phenomenon in this coastal town. This face brick building, with extensive, attractive gardens, is the ideal environment for the discerning tenant seeking a conveniently accessible location in an appealing environment.
“Key aspects of the refurbishment include painting and renovation of all the lobbies and foyers, kitchens, ablutions and lights as well as the external facades of the building and courtyard. Modern colours and finishes have been selected, to ensure that the building reflects the professional image of both the tenants and the landlord. In addition, new air conditioning units have been installed in order to deliver optimum conditions within the premises.”
De Lange says ably assisted by Impendulo Design Architects and contractors World Focus, Vukile is investing in its future by ensuring that its properties remain among the most desirable available. “With completion scheduled for February 2014, this project is on track to present to the tenant a building which is both functional and aesthetically pleasing.”
Commenting on the office market in general, she says in the East London CBD the demand for large office space has diminished, with most requests being for small office accommodation. “Rentals in the CBD have decreased with R40 to R50 per square metre now the norm. In the Vincent area the demand for offices remains, and in fact many homes are now being converted to office space to cater for this requirement. Rentals here are currently in the region of R80 to R100 per square metre for A grade premises.”