R1 billion for Century Citys new commercial hub
The R1 billion mixed-use Century City Square development is set to become the new commercial hub of Century City and is on track for completion by February 2016.
Knight says the entire development, which is set over a basement parking podium, comprises a 900-seat Century City Conference Centre with a total capacity of 1 200 over 20 venues, a 125-room hotel, 51 apartments, restaurants and coffee shops and 1 330 parking bays.
This is according to Sedica Knight of Rabie Property Group, who says the entire development, which is set over a basement parking podium, comprises a 900-seat Century City Conference Centre with a total capacity of 1 200 over 20 venues, a 125-room hotel, 51 apartments, restaurants and coffee shops and 1 330 parking bays.
It also includes more than 15 000sqm of offices ranging from hip and funky to traditional premier grade corporate across three different buildings; the Annex, the Matrix and the Apex.
Knight says the largest of these, the Apex, is an iconic eight storey building comprising 7 900sqm of offices over seven storeys with ground floor restaurants, bistros and coffee shops spilling out onto the public square. Two and a half storeys have already been let to a global corporate, with strong interest shown in some of the remaining space which is being let from R165 per square metre.
The Matrix is a mixed-use building consisting of ground floor retail or showrooms, three storeys of offices totalling 4 500sqm and 51 residential apartments set over a further three storeys.
Only two of the 24 sectional title units, both 260 square metres in size, remain to be sold at around R20 000 per square metre. Much of this space was purchased by investors and is now being let on their behalf, says Knight.
The third office component, the Annex, comprises 3 000sqm of offices over three floors above the conference centre with its separate ground floor entrance. A third of this space has already been let.
Knight says offices to let, which will enjoy the fastest internet speeds in Africa averaging 39Mbs, range from 120sqm to 5 000sqm at rentals from R165 per square metre.
She says an exciting variety of restaurants and coffee shops will be opening in the buildings around The Square. Leases are currently being finalised with announcements in this regard expected to be made shortly.
The entire Conference Centre precinct, known as Bridgeways, is being developed as a green precinct and is already home to 4-Green Star rated office buildings: the Bridge Park, Chevron, The Business Centre and Philip Morris. The Century Square development itself is registered with the Green Building Council of South Africa for a pioneering Green Star mixed-use rating.
Knight says over and above all the facilities on offer in Century City Square, the development is in easy walking distance of the Virgin Active gym, convenience retailing at Colosseum, Canal Walk Shopping Centre, the MyCiTi bus station, the Century City train station and Canal Walk.
She says the Century City Square and the rest of the Bridgeways precinct will benefit from new infrastructure projects totalling more than R130 million being undertaken.
This includes the construction of roads and canals in the Bridgeways precinct for R45 million, an R18 million upgrade of Sable Road, a further R4 million upgrade of Bosmansdam Drive and the completion of a R35 million MyCiTi trunk station - all measures aimed at significantly easing peak traffic congestion.
“The precinct will enjoy a new exit directly onto Sable Road which will open at the end of 2015,” says Knight.
For more information, contact Sedica or Jean on 021 550 7000.