R400 million office & retail development, Illovo Point gets the go ahead

Illovo Point - North East View from Rivonia Road
Illovo Point - North East View from Rivonia Road

The sold out boards are up on FWJK’s latest R400 million office and retail tower on Rivonia Road opposite St David’s School in Illovo to be known as Illovo Point.

Construction work on this 15,750m² sectional title development will start on site in September 2016 according to Rhys Rocke, regional director of FWJK. He added that the rapid sell-out was attributable to the fact that FWJK’s Co-Development at Cost methodology offers investors the opportunity of acquiring office suites at an unbeatable completed cost of R24,950/m² through the elimination of the conventional developer’s mark-up of up to 30% or more. This, Rocke said, equates to a price today of just on R21,000/m² for brand new AAA Grade office suites including an office fit out allowance and 5 parking bays per 100m². This development methodology represents an attractive investment opportunity for investors and end users to obtain prime real estate at cost.

Illovo Point will offer unique features appealing to corporate occupiers such as a private helicopter landing pad and a rooftop entertainment facility for corporate functions and staff relaxation whilst on the ground floor, restaurants including Mythos will provide office executives with quality onsite dining. Illovo Point will also assume the mantle of being the building which enjoys the highest elevation in the greater Illovo area.

This will be FWJK’s twentieth Co-Development at Cost project in a R4 billion project roll out over the last eight years. “Investec has approved the development funding for the Illovo Point project on the strength of the offering’s excellent value, the calibre of its investors and FWJK’s development track record”, said Brendon Wray of Investec Private Bank. Investec has also funded numerous FWJK developments including their highly successful R230 million Touchstone House office development in Bree Street, Cape Town as well as their R350 million Obs Court residential development in Observatory, Cape Town.

The design undertaken by FWJK Architecture focused, according to Rocke on timeless cost efficient architecture in a corporate office building offering highly efficient energy and water saving green features in order to greatly reduce operating costs. FWJK Project Management will deliver the new building to its investors in the second quarter of 2018.