Park Lane

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Small developers and owner occupiers who want to develop or build their own offices at Century City will soon be able to do just that, says John Chapman of the Rabie Property Group.

Park Lane, a new 11 000 m2 office park, will offer buyers a total of 16 serviced erven in a park-like environment. The sites vary in size from 440 m2 to 1 100 m2 with development rights of between 300 m2 to 1 100 m2. The prices range from R3 150 to R3 400 a bulk metre.

This is only the second time in five years since Rabie Property Group acquired the remaining undeveloped land at Century City that it has made serviced office development sites available to other developers or owner occupiers.

The launch of Park Lane follows the success of the 35 000 m2 The Estuaries office park where 18 serviced commercial sites were sold out within two weeks and where construction is now almost complete and the development fully tenanted.

Chapman says Park Lane is being developed in response to market demand from buyers for smaller, zoned, sub-divided land with office rights in the growing precinct.

Park Lane is to be developed on a site in the heart of Century City next to Central Park and within walking distance of all the precinct’s other amenities including Canal Walk shopping centre, Intaka Island and the Public Transport Interchange.

He says although individual erven are available for sale, the office park has been designed holistically as a village of offices, and architectural guidelines were drawn up by Tim Hughes Architects to ensure that each building responded to its neighbours which would protect buyers’ investment in future.

“The design allows for a mix of undercover parking and on-grade courtyard parking with a strong emphasis on pedestrian pathways and the use of brick elements to accentuate the courtyards. Servicing of the site will start at the end of the month, and completion and transfer of the erven are expected to take place in April next year.”

This development, which is expected to attract total investment of around R200m, will bring the amount of commercially zoned land developed or sold at Century City to date to just under 300 000 m2.

9 months ago