Weekend Argus (Saturday Edition)
Century City is booming
Group, which has been responsible for the bulk of development undertaken during the past 10 years and which owns most of the remaining undeveloped land and associated rights, says Century City is now home to more than 500 businesses and 3 000 residential units with an estimated 50 000 people now living or working in the burgeoning precinct. The R120m Grosvenor Square sectional title development comprising a total of 5 400m2 of offices; A 3 247m2 office block, No 19 Park Lane being developed by Assetmatrix, for a blue chip tenant. Assetmatrix is also planning a new 11 000m2 office block, Canal Plaza, at a cost of R250m; Three other office buildings in Park Lane being developed for tenants at a total cost of R100m; Three office buildings and a day hospital in Central Park at a total cost of R110m;
Two office blocks for Triocon House and Horizon Capital in The Estuaries at a cost of R42m; A 3 400m2 building in Waterview Park at a cost of R68m; A R45m extension to Canal Walk and further retail expansion in the pipeline but not accounted for in the R4.3bn; A 4 900m2 office block for Electro Mechanica in Century Gate precinct at a cost of R73m; An additional office block for Aurecon of 3 000m2 totalling R70m; and 3 000m2 of offices totalling R60m in a soonto-be-launched new mixed-use development.
Residential developments underway include the R260m third apartment block in the Oasis Luxury Retirement Resort nearing completion and Ashton Park comprising 147 units at a total cost of R270m. Three further phases are planned at Oasis with one of these – a block of 45 units for a total R220m expected to be launched before the end of the year. Recently competed residential developments in the precinct include Quayside and Quaynorth, providing at total of 91 units at a cost of R143m while 140 units totalling R270m are planned as part of a new mixed-use development, Mayfair, to be launched later this year. Commercial developments completed in recent months include the 4 000m2 Business Centre and the 4 000m2 Philip Morris offices, each developed at a cost of R85m, six office blocks in Park Lane totalling R83m, 39 sectional title office developments of 3 600m2, The Quays for R82m and an R85m office block in the Estuaries for Old Mutual Private Wealth.
Over and above this, infrastructure projects totalling R130m are planned or being undertaken, including R45m of roads and canals in the Bridgeways precinct, an R18m upgrade of Sable Road, the R16m rollout of Century City Connect – Century City’s cutting-edge, open-access fibre optic network which is enabling the country’s fastest voice, broadband and multi-media services and a R36m trunk terminus for the MyCiTi Bus Rapid Transit system.
Chapman said strong demand for offices in the precinct has also seen Century City office vacancies dropping and currently at a comparatively low 6% which has been driving new development, while the residential market has attracted both owner occupiers and investors, the latter of which are practically secured a tenant from day one as rental demand strongly outstrips supply.
When fully developed, Century City will comprise a total of 1.25m square metres of bulk, of which just over 1m square metres has been built or is in the pipeline, said Chapman. “So there is still some way to go and, as with development to date, the rollout of the balance of rights will be driven by market demand.”
For commercial inquiries, call Giles or Sedica on 021 550 7000.