Latest News

Nedbank Private Wealth Logo
April 25, 2017

Nedbank's Private Wealth is growing their presence in the Western Cape

in Office, Retail, Industrial, Hotels and Residential
We are thrilled to announce that we have opened a new office in Stellenbosch.
Zandile Makhoba
April 24, 2017

Jones Lang LaSalle reports five-year real estate investment high in 2016

in Office, Retail, Industrial, Hotels and Residential
Real estate consulting firm, JLL SSA, has released its 2016 Investment Review of the South African property market with analysis reporting a R28.8bn increase in investment (from 18,5bn in 2015), and a similar 52.8% increase in gross lettable area (2 million square metres).
The Square
April 24, 2017

Century City office vacancies fall

in Office, Retail, Industrial, Hotels and Residential
The continued strong take up of offices at Century City has seen almost all new stock being mopped up and overall vacancies dropping to 7,4% in April from just under 10% in January this year and 12,1% in the fourth quarter of last year.
John_LoosFNB
Apr 24, 2017

Western Cape house price growth rate continues to show some “normalisation” after a…

Examining the FNB House Price Indices for the country’s major regions, slowing price growth in the country’s recent…
Sean Paul
Apr 24, 2017

Property Managers are evolving into Asset Managers

The role of the property manager is evolving - with the lines being blurred between that of a property manager and that…
Sisa Ngebulana Rebosis
Apr 24, 2017

Rebosis Property Fund reports net property income growth of 74.6%

Rebosis Property Fund, a JSE listed Real Estate Investment Trust (REIT) whose strategy is directed toward dominant…
Nick_Altini
Apr 22, 2017

Competition Commission is looking for precedent setting excessive pricing case

The South African Competition Commission has referred a supplier of the main ingredient in bricks used in the…
Neil Gopal
Apr 20, 2017

SAPOA Statement on the Draft Property Practitioners Bill

The Property Practitioners Draft Bill was published for comment on 31 March 2017 and when gazetted into law, will…

Popular

Sea Point's Mojo Market launches this April 2017

Apr 05, 2017
Mojo Market
An entire block of a Sea Point retail space will be dedicated to a new, seven-day food and product market in the…

Investing in student accommodation: pros and cons

Mar 31, 2017
Bill Rawson CEO
The recent protests at universities and colleges across SA have caused many to question the wisdom of investing in…

South African Council of Shopping Centres students shine at graduation function

Apr 05, 2017
CSCM Ilse Pretorius and Professor Chris Cloete
It was an evening of glitz, glamour and achievement as the 2016 Certificate of Shopping Centre Management (CSCM) and…

Atterbury wins tender to develop massive new Gauteng office for Deloitte

Apr 11, 2017
Deloitte New Gauteng Offices
Atterbury has won the fiercely contested tender to develop a new Gauteng office for Deloitte in South Africa after an…

Interest rate cuts ruled out after downgrade

Apr 13, 2017
SA Reserve Bank
The downgrading of South Africa's debt to junk status and the firing of Pravin Gordhan as finance minister mean that…

Attacq subsidiary disposes of investments in Cyprus and Serbia

Mar 31, 2017
Attacq CEO Morne Wilken
Attacq subsidiary disposes of investments in Cyprus and Serbia.

Featured

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

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

  • CEO Profile: Innovation, entrepreneurship drive Mercantile Bank CEO, Karl Kumbier

    CEO Profile: Innovation, entrepreneurship drive Mercantile Bank CEO, Karl Kumbier

  • CEO Profile: Dealmaking and passion for property steer Laurence Rapp to Vukile Property Fund CEO position

    CEO Profile: Dealmaking and passion for property steer Laurence Rapp to Vukile Property Fund CEO position

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

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

  • Every building counts for award-winning property industry powerhouse, Marna van der Walt

    Every building counts for award-winning property industry powerhouse, Marna van der Walt

  • Fieldspace Property Management goes Green

    Fieldspace Property Management goes Green

  • Fieldspace Property Group strives for multi-generation growth

    Fieldspace Property Group strives for multi-generation growth

  • The most buoyant sectors in the UK property investment market

    The most buoyant sectors in the UK property investment market

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8

Featured Profiles

  • Fieldspace Property Management goes Green

    Fieldspace Property Management goes Green

  • The most buoyant sectors in the UK property investment market

    The most buoyant sectors in the UK property investment market

  • Every building counts for award-winning property industry powerhouse, Marna van der Walt

    Every building counts for award-winning property industry powerhouse, Marna van der Walt

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

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

  • Fieldspace Property Group strives for multi-generation growth

    Fieldspace Property Group strives for multi-generation growth

  • CEO Profile: Innovation, entrepreneurship drive Mercantile Bank CEO, Karl Kumbier

    CEO Profile: Innovation, entrepreneurship drive Mercantile Bank CEO, Karl Kumbier

  • CEO Profile: Dealmaking and passion for property steer Laurence Rapp to Vukile Property Fund CEO position

    CEO Profile: Dealmaking and passion for property steer Laurence Rapp to Vukile Property Fund CEO position

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

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

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8

Company Profile

M&T Development

M&T Development is one of the major competitors in the development industry in Gauteng with a strong residential and commercial component providing housing, offices, retail and warehouse space for a large spectrum of the market. The Residential team…

Property Leader

Don Bowden

Don Bowden

Don Bowden is Chairman and Independent Non-Executive Officer of Hospitality Property Fund.
Wednesday, 16 February 2011 02:00

Refurbished 1 Thibault Square fetches high rental renewals

Written by
Rate this item
(0 votes)
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

Listed Property, REIT, Real Estate Funds

Sisa Ngebulana Rebosis

Rebosis Property Fund reports net property income growth of 74.6%

April 24, 2017 Listed Property, REIT, Real Estate Funds eProperty News
Rebosis Property Fund, a JSE listed Real Estate Investment Trust (REIT) whose strategy is directed toward dominant retail malls and which recently internalised its management team, has reported net property income growth of 74,6% for the six months ended 28…

Office, Retail, Industrial, Hotels and Residential

Nedbank Private Wealth Logo

Nedbank's Private Wealth is growing their presence in the Western Cape

April 25, 2017 Office, Retail, Industrial, Hotels and Residential eProperty News
We are thrilled to announce that we have opened a new office in Stellenbosch.

Green Building and Sustainability

Sable Park

R460m new offices for Century City

April 13, 2017 Green Building and Sustainability eProperty News
A new development of 16 300 square metres of premium grade offices, which will include new regional offices for Discovery, is to be built on a prime gateway site at Century City.

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

David Lashbrook Momentum Global Investment Management

Momentum Africa Real Estate Fund reaches $170 million

April 06, 2017 Africa, International Property News eProperty News
The Momentum Africa Real Estate Fund (“MAREF”) held its final close on 28 February 2017, raising a total of $170m.

Construction, Energy and infrastructure

Nick_Altini

Competition Commission is looking for precedent setting excessive pricing case

April 22, 2017 Construction, Energy and Infrastructure eProperty News
The South African Competition Commission has referred a supplier of the main ingredient in bricks used in the construction of affordable housing to the Competition Tribunal for charging excessive prices.

Most Popular

Sea Point's Mojo Market launches this April 2017

Apr 05, 2017
Mojo Market
An entire block of a Sea Point retail space will be dedicated to a new, seven-day food…

Investing in student accommodation: pros and cons

Mar 31, 2017
Bill Rawson CEO
The recent protests at universities and colleges across SA have caused many to question…

South African Council of Shopping Centres students shine at graduation function

Apr 05, 2017
CSCM Ilse Pretorius and Professor Chris Cloete
It was an evening of glitz, glamour and achievement as the 2016 Certificate of Shopping…

Atterbury wins tender to develop massive new Gauteng office for Deloitte

Apr 11, 2017
Deloitte New Gauteng Offices
Atterbury has won the fiercely contested tender to develop a new Gauteng office for…

Interest rate cuts ruled out after downgrade

Apr 13, 2017
SA Reserve Bank
The downgrading of South Africa's debt to junk status and the firing of Pravin Gordhan as…