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Jacques Du Toit Absa Hoam Loans
February 23, 2017

Minor adjustments to transfer duty on property in the 2017 Budget

in Office, Retail, Industrial, Hotels and Residential
The 2017 national Budget was tabled in the South African Parliament by the Minister of Finance, Pravin Gordhan, on Wednesday, 22 February 2017.
Pravin Gordhan Finance Minister
February 22, 2017

Pravin Gordhan raises transfer duty threshold from R750 000 to R900 000

in Office, Retail, Industrial, Hotels and Residential
The raising of the threshold for transfer duty on properties sold for less than R900 000, up from R750 000, as announced in today’s National Budget, is positive news as it provides some relief for first time home buyers, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
Lesetja_Kganyago_SARB_Governor
February 22, 2017

GDP to average 1.3% in 2017, SA needs to boost investment

in Office, Retail, Industrial, Hotels and Residential
South Africans can expect growth of 1.3% in 2017, which is expected to improve moderately to over 2% in the medium term, Finance Minister Pravin Gordhan said on Wednesday.
Pravin Gordhan Finance Minister
Feb 22, 2017

Good news for affordable housing market

As Finance Minister Pravin Gordhan tabled what appeared to be a pro-poor budget, he has announced that relief will be…
Dawie Roodt
Feb 22, 2017

South African economy for retailers with Dawie Roodt and the South African Council…

Acclaimed economist Dawie Roodt shared his insights on the local and global economic landscape for retailers at the…
Maerua Mall Namibia
Feb 21, 2017

Maerua Mall begins interior upgrade

Maerua Mall, established in 1990, is Windhoek’s original shopping centre. Located close to the heart of Namibia’s…
Solar Lights
Feb 21, 2017

Energy efficient ways to light up your garden

The sun might be setting a little earlier than it did at the beginning of the year.
Stor Age CEO Gavin Lucas
Feb 21, 2017

Stor-Age close R500 million acquisition

JSE self storage REIT, Stor-Age, today announced that it had raised R400 million in a significantly oversubscribed book…

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    NEPI investors rubbing their hands with glee as property portfolio rakes in dividends

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Featured Profiles

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    NEPI investors rubbing their hands with glee as property portfolio rakes in dividends

  • CEO Profile: Hard work pays off handsomely for Marius Muller, CEO of Pareto Limited

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Company Profile

Marder Properties

Specialising in Industrial, Commercial and Investment Properties. Marder Properties was established in 1994. The company is well-established in the East Rand and it has now expanded into Midrand and Centurion, Marder Properties specialises in Commercial and…

Property Leader

Norman Whale

Norman Whale

Norman Whale is an Independent Non-Executive Director of Acucap Properties Limited.
Wednesday, 16 February 2011 02:00

Refurbished 1 Thibault Square fetches high rental renewals

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Almost forty years after its completion, the landmark Revel Fox-designed office block at No 1 Thibault Square is undergoing a R25-million refurbishment

The 35-storey Modernist building, originally known as the BP Centre, is situated on Cape Town’s European-style Thibault Square at the end of St George’s Mall. Underscoring its appeal, No 1 Thibault Square has realised excellent returns during a period in which the global financial crisis impacted negatively on all sectors of the South African property market. Of the total lettable area of 36 000 square metres, the vacancy rate is running at a remarkably low 5%.

“We paid what we considered quite a lot when we bought the building in 2006,” says Adam Blow, executive director of Zenprop, “but we had huge faith in the future of the Cape Town CBD and had a feeling that rentals were going to escalate – which is exactly what’s happened.”

Says Zenprop property manager, Janine Coleske: “In the past year, four of our blue-chip clients, occupying about 1 000 square metres each, have increased their space requirements by between 30 and 100 percent, taking up an entire additional floor in two instances, and entering into new five-year leases. And we’ve managed to achieve an average rental of between R115 and R120 per square metre.”

The refurbishment has included work on the six high-rise lifts, which have been modernised at a cost of about R12 million. The Miconic 10/Schindler destination-control system has reduced both crowding in the lobby and travel time in the lifts. The Schindler AC gearless machines offer power savings, and safety mechanisms are cutting edge.

The façade of the building, which consists of precast column and beam liners with an exposed dark Paarl granite (chosen to echo the colour of Table Mountain), is also being given a facelift. Major repairs are being carried out on various concrete panels at a cost of about R6 million.

The parking levels have all undergone a complete upgrade, and refurbishment work is ongoing on the rest rooms throughout the building.

Thibault Square is a favourite chill-out spot for office workers and visitors to the city, who flock to its cafes and coffee shops throughout the day. And while John Skotness’s Mythological Landscape steel-and-bronze sculpture provides a focal point in the piazza, it’s No 1 Thibault Square that always draws the eye. The office block is still the tallest building in the Cape Town city centre, and even when it was designed over four decades years ago, environmental factors were taken into consideration.

The 34-degree diagonal twist, which puts it on a north-south axis, reduces sun loads on the facades, putting less pressure on the airconditioning system. To further shield the facades, a precast screen is mounted on every floor, allowing good air flow and cutting off direct sun rays. This unique orientation also means that all the offices have views of either the mountain or the harbour, and that none stare straight into the facades of the surrounding buildings.

The skyscraper quickly became a landmark, and in 2008 was acknowledged in a national survey by the South African Institute of Architecture to be one of the country’s “good buildings”.


Publisher: eProp
Source: Zenprop
Nedbank Property Finance is a market leader in commercial property finance, enabling you to realise your property opportunities through a diverse range of financing solutions.

Listed Property, REIT, Real Estate Funds

Stor Age CEO Gavin Lucas

Stor-Age close R500 million acquisition

February 21, 2017 Listed Property, REIT, Real Estate Funds eProperty News
JSE self storage REIT, Stor-Age, today announced that it had raised R400 million in a significantly oversubscribed book build to fund its milestone acquisition of Storage RSA (“RSA”), one of the country’s largest private self storage operators. 

Office, Retail, Industrial, Hotels and Residential

Jacques Du Toit Absa Hoam Loans

Minor adjustments to transfer duty on property in the 2017 Budget

February 23, 2017 Office, Retail, Industrial, Hotels and Residential eProperty News
The 2017 national Budget was tabled in the South African Parliament by the Minister of Finance, Pravin Gordhan, on Wednesday, 22 February 2017.

Green Building and Sustainability

Rosebank Link

Redefine Properties announces plans for new 15-storey office tower in Rosebank

February 14, 2017 Green Building and Sustainability eProperty News
JSE-listed diversified real estate investment trust Redefine Properties (JSE: RDF) has announced plans for Rosebank Link, a new 15 storey office tower located at 173 Oxford Road in the heart of bustling and cosmopolitan Rosebank.

Commercial Property Auctions

Norman Raad CEO Broll Auctions Sales

Prime located buildings in Cape Town & Pretoria sold on auction

December 12, 2016 Commercial Property Auctions eProperty News
Ending the year on a high note, the November 2016 auction held by Broll Auctions and Sales proved a great success with a number of noteworthy sales taking place.

Africa, International Property News

Xander Nijnens Senior Vice President

Increasing liquidity in Sub-Saharan Africa hotel real estate market

February 10, 2017 Africa, International Property News eProperty News
Investment grade hotel assets on the continent are traditionally tightly held due to the dominance of owner operators, high net worth individuals and family offices.

Construction, Energy and infrastructure

Keshav_Padaruth_RICS_Fellow

Mauritius produces the youngest ever RICS Fellow in Africa

December 12, 2016 Construction, Energy and Infrastructure eProperty News
Firmly established on the global map as a progressive business hub with a thriving economy, Mauritius is becoming a breeding ground for professionals, this despite the fact that this small island in the Indian Ocean only has a population of about 1.3 million…

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