With this new expansion, Grove Exchange is set to become one of the most sought-after office accommodation addresses in the Claremont CBD.
New Property Ventures has embarked on extending and refurbishing its new Absa on Grove acquisition in Claremont, Cape Town by two floors, providing an additional 3500 m2 of A-grade office space.
These modern offices will be made of glass and steel, providing much natural light and mountain views into the extra high ceilinged premises. With the makeover, the building will also be given a new external identity and be renamed “Grove Exchange”. Planning authorities from the City of Cape Town granted approval and building works are currently underway with completion expected in phases from November 2015 through to April 2016. With this new expansion, Grove Exchange is set to become one of the most sought-after office accommodation addresses in the Claremont CBD.
In recent years we have seen more and more South African buildings going “green” and the Grove Exchange is joining the movement. “At New Property Ventures we believe in being environmentally friendly. Not only is this good for the environment but it makes good business sense as well,” says Mike Nixon, Director of New Property Ventures. “The new Grove Exchange will provide a renewable energy source by placing over 200 roof mounted solar P.V. panels on the flat roof portion of the existing building, which could equate to a 3 star Existing Building Green Star rating,” he adds.
This project alone, costing in excess of R1 million, will produce over 80,000kw/h of solar electricity per annum which will be used to power the building’s basement parking and common area lighting. This, together with energy efficient L.E.D lighting and other low carbon footprint initiatives, will enable Grove Exchange to apply for a 3 star Existing Building Rating from the Green Building Council of South Africa.
The improvements and extensions will include upgrades to all common area lobbies and the “Chill Zone” atrium on the third floor. Lifts will also be replaced in phases to ensure minimum disruption to existing tenants and fibre optic cabling will be installed for cost-effective and lightning fast internet and data.
Another factor that makes the Grove Exchange an ideal office space is its location. Situated on Grove Avenue, on the corner of Main Road, it’s a mere 200 m to the Claremont transport interchange, 400 m to Virgin Active and 180 m to Cavendish Square shopping centre.
As far as Claremont property goes, the Western Cape has its very own thriving business district in this Southern Suburbs hotspot. “Over the past decade, Claremont has undergone a transformation of note, attracting more and more businesses to the commercial hotspot. However, with this growing popularity and demand, comes lack of space,” says Tony Galetti, Joint CEO and Co-Founder of Galetti Knight Frank. “The Grove Exchange expansion will help combat this issue,” he concludes.