Redefine Properties to lease more space to Regus

Posted On Monday, 31 July 2017 06:02 Published by
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Listed diversified real estate investment trust Redefine Properties (JSE: RDF) has announced that it has signed the world's leading provider of fully serviced, flexible work spaces Regus Business Centres as a tenant at its iconic Black River Park in Cape Town. 

Starting in July, the company will occupy over 10,000 square feet under a 10-year lease.

The growing demand for short-term and flexible work spaces in South Africa has already seen over 45,000 square feet of Redefine’s prime properties come under Regus’s roof. The Black River Park (BRP) tenancy is Regus’ sixth building with Redefine.

“We are delighted to have Regus as a tenant at Black River Park in Cape Town which is fast reconfiguring itself into a diversified business hub with an economy that is outpacing the national growth. We believe this spells opportunity for both Redefine and Regus,” says Grant Elliott, General Manager Coastal at Redefine Properties.

“BRP will allow entrepreneurs to focus on running their companies and not be distracted by the costs associated with maintaining their own office space.”

Traditionally when businesses are first established, entrepreneurs need to have a fixed address. Startups can ill-afford upfront costs of acquiring commercial premises or even renting as costs cannot be contained and easily add up with monthly utility bills and maintenance.

Flexible and temporary office space gives startups a more affordable option when it comes to occupying an office in a sought after location according to Joanne Bushell, Regus Country Manager, South Africa.

"BRP allows us to offer entrepreneurs’ serviced office solutions to conduct their business in the heart of the city, without the expense and risk of long-term leases or upfront capital expenditure."

BRP is the first office precinct in the country to receive Green Building Council of South Africa (GBCSA) certified Green Star existing building ratings for all of its eight buildings, with a combined 75,000sqm of office space. 

“BRP was a natural choice as increasingly sustainability is fast becoming a key differentiator for companies and entrepreneurs alike. Companies are trying to be greener today and want it reflected across their operations,” says Bushell in conclusion.  

Regus, a global leader in serviced offices helps clients remain competitive and flexible by offering work space solutions tailored to their specific needs. It works directly with corporates of all sizes to establish offices, and provides a broad range of specialised services from secretarial services to high end IT services.

Regus is the world’s largest provider of flexible work space solutions, with 55 Business Centres across South Africa, and a network of 3,000 locations in over 1,000 towns and cities, across more than 100 countries, serving 2.3m members. Black River Park is its first tenancy in Cape Town with Redefine. Besides Cape Town, Regus has partnered with the REIT at seven other sites on a flexible deal structure with profit share.

Last modified on Wednesday, 02 August 2017 05:35

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