South Africa : New R700 million Waverley Office Park for Johannesburg
A new R700 million premier-grade office park sporting superb highway frontage and enviable access is being developed at the Corlett Drive exit of the M1 Highway, diagonally opposite the landmark Melrose Arch mixed-use precinct.
The centrally located Waverley Office Park, with its capacity for some 35,000m2 low-bulk commercial space set along a vibrant central boulevard in a park-like environment, is being developed by New Order Investments, a joint venture between respected property developers and investors Vlaming (Pty) Limited, Devcon Projects (Pty) Limited and Top-Flite Properties (Pty) Limited.
Located at the heart of the rejuvenation taking pleace in this node, the developers of Waverley Office Park are strengthening the resurgence of the area with a much-needed upgrade of the M1's Corlett Drive offramp, as well as the extension of Scott Street across Corlett Drive into the heart of the upmarket office campus.
Waverley Office Park is conveniently located between the city's two main business areas, the Johannesburg CBD and the Sandton CBD, overlooking the major north/south freeway which runs directly through the city and on to Pretoria, in one direction, linking to OR Tambo International Airport in the other.
In addition to its landmark location and excellent highway access, each tenant of Waverley Office Park will also enjoy enviable and impactful corporate branding and signage on the office park's highway-facing frontage.
"This node is already a prime business area and, with higher fuel costs, ease of access is becoming increasingly important and centrally located offices are proving exceedingly popular," says Jan Vlaming of Vlaming (Pty) Ltd.
"There is a strong demand for quality office space in the current market and Waverley Office Park is well timed to benefit from this," says Vlaming.
A top-class product providing prime office space, the premium status of Waverley Office Park will be reflected in the quality of the building and detail of the finishes. Offices positioned along tree-lined boulevards will also be supported by the park's own coffee shop serving as a break-away space, essential to the modern business environment, for meetings, corporate events and working lunches.
Building plans, which have been drawn up in consultation with residents of the neighbourhood, have been approved and the commencement of the first phase of construction is imminent. Electricity has been confirmed for the full development.
Imperial Bank will provide the finance for the development of this attractive, modern office park. "This deal was too good to pass up. It is a superior product in a great node and we believe it will exceed expectations and be an asset which benefits both business and the residents of the node," says Wayne Roos, Imperial Bank's head of commercial property finance.
"The status and energy which began with Melrose Arch has certainly swelled into neighbouring nodes. Through Waverley Office Park we intend to actively contribute to energising and formalising development which is best suited to this area by maximising its many positive aspects in a way that works for everyone," reports John Greve of Devcon.
Originally purchased by the partnership as a partial land assembly, the development comprised a number of residential properties with various business rights and an intended focus on retail and showrooms.
"It presented a good opportunity in the right location with approved power and as a result we decided to pursue the completion of the project with one major amendment. As a result of the high prevalence of nearby retail, we adjusted the development to include only upmarket offices, working with residents to create an investment for the community that is a polite neighbour and contributes to the security and energy of the node," explains Lance Chalwin-Milton of Top-Flite Properties.
It is through this thorough planning and consultation that Waverley Office Park has become the anticipated extension of the successful rejuvenation and exciting new development already evident along both Corlett Drive and Scott Street.
The first phase of Waverley Office Park comprises 25,000m2, of which 12,000m2 will initially be constructed and ready for occupation by September 2009, followed by portions of 12,000m2 and 11,000m2 on a demand-driven basis. Future phases will be introduced in line with market requirements.
Rentals are anticipated to be achieved at R125/m2. (Convert South African Rand to your currency here.)
For more information contact:
Vlaming (Pty) Limited
Jan Vlaming/Neil Vlaming
T. 011 465 2202
C. 083 600 3472 (Jan)
C. 082 331 8288 (Neil)
Devcon Projects (Pty) Ltd
T.011 784 6038
T. 011 788 4038
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