Property group plans more refurbishments for the Pretoria and Johannesburg CBDs

A group of property investors, owners and management companies are changing the face of the Pretoria and Johannesburg central business district (CBD) buildings by buying, refurbishing or demolishing old dilapidated buildings to make way for retail shops, commercial offices and residential flats.

The properties are managed and maintained by property asset and management company City Property, which manages more than 700 properties totalling more than 1.4-million square metres of lettable area.

One of the current projects under way is Jeff’s Place, in the Pretoria CBD. It will be a residential 384-unit building and is scheduled for occupation in December. The R160-million development is using heat pumps, prepaid electricity meters and light sensors to help residents save energy.

The building is U-shaped, with connected walkways between the wings. It features an internal courtyard, with landscaping and trees to provide residents with a safe recreational area.

The flats are fitted with a breakfast nook, counter top and mosaic detail in the kitchen and bathroom. The units also boast large windows to maximise natural light and the bedroom and living areas are carpeted, while the common areas, bathrooms and kitchens are tiled.

City Properties’ clients, which includes JSE-listed sister companies Octodec Investments and Premium Properties, collectively have 76 property refurbishment projects currently under way or in a planning phase in the Pretoria and Johannesburg CBDs to the value of R600-million. The total investment portfolio of Premium Properties is R4.7-billion and that of Octodec R3.6-billion.

Premium Properties and Octodec MD Jeffrey Wapnick says the company intends to keep the in-house management with City Property, as it enables them to solve problems quickly and effectively.

Octodec Investments and Premium Properties concentrate on properties that are designed to meet the demand of today’s tenants and City Property manages those properties in such a way that its clients become the landlord of choice for existing and prospective tenants. Premium and Octodec pay particular attention to transport and commuting patterns, the environment, adjacency to business centres, proximity to sources of business growth when choosing properties for acquisitions or redevelopment.

“We will continue to contribute to the renewal of the inner cities of Pretoria and Johannesburg as they have historically provided strong rental growth and add to the sustainability of profitability going forward,” says Wapnick.