First phase of Redefine’s Loftus precinct nears completion
Redefine Properties is on the verge of completing the development of the first phase of Loftus Park, a new residential and business precinct in Arcadia, Pretoria, which is looking to benefit from increased commercial activity in the city.
The city is experiencing its biggest development boom in decades in suburbs such as Arcadia, Menlyn and Hatfield.
Redefine inherited the development when it bought The Pivotal Fund in 2016.
“Redefine’s share of Loftus phase one and two is R598m,” said CEO Andrew Konig.
The development will help the company to enhance its exposure to office workers in Pretoria. Redefine follows the likes of Emira, which recently invested in the upcoming Menlyn node.
Emira Property Fund’s chief operating officer, Ulana van Biljon, said various listed property fund companies were building in Pretoria.
Loftus Park would be developed with the expertise of Abland. Pivotal had been listed by Abland, which provided it with a pipeline. Through buying Pivotal, Redefine had managed to increase its exposure to the city of Pretoria.
Phase one of Loftus Park includes about 34,000m² of Agrade office space, a gym, a piazza with restaurants and a convenience retail offering. A new 152-room hotel by Marriott will also debut at the site.
Phase two, which will add another 7,600m² to the development, will include a hospital.
Phase three will include 13,000m² of office space. Located within walking distance of the University of Pretoria, Pretoria Boys’ High School and Pretoria Girls’ High School, the newly developed precinct provides an integrated work and play environment. It is also located near Loftus Versfeld.
The retail component will be anchored by brands that include Checkers and DisChem, while Virgin Active will open a premium health club at Loftus Park.
“The precinct reflects our proven track record of creating bespoke communities that focus on connectivity, walkability and green spaces. “Our investment in enhancing access to the Gautrain network was the final piece of the puzzle that is going to unlock the true potential of the development,” said Pieter Strydom, commercial asset manager at Redefine.
It looks set to be accredited with a 4-Star Green Star Building rating.
“Abland worked closely with Redefine Properties to bring this unique development to life and will set a new standard for quality mixed-use precincts in the node,” said Grant Silverman, marketing director at Abland.