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BEDFORDVIEW AT A KEY TURNING POINT, SAYS
JHI PROPERTIES - Strategically
well positioned, the leafy and predominantly
upmarket residential suburb of Bedfordview
in Johannesburg is at a key turning point,
with the potential to see its commercial
node become a sought after hub for the business
sector, says David Reid, investment broker
for JHI Properties. Read
more
DEVELOPMENT PROJECTS IN NAMIBIA SIGNAL RENEWED
ACTIVITY IN RETAIL AND OFFICE SECTORS -
Development projects in both office
and retail sectors are well underway in
Namibia’s capital city of Windhoek,
reports Monica Pienaar, portfolio executive
in the region for JHI Properties, which
provides a range of commercial property
services. Read more
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| BEDFORDVIEW
AT A KEY TURNING POINT, SAYS JHI PROPERTIES |
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Strategically
well positioned, the leafy and
predominantly upmarket residential
suburb of Bedfordview in Johannesburg
is at a key turning point, with
the potential to see its commercial
node become a sought after hub
for the business sector, says
David Reid, investment broker
for JHI Properties.
Opportunities in
Bedfordview
“Bedfordview is in a very
similar situation that Parktown
was in approximately five years
ago and this in itself presents
opportunities for the area.
With its modern shopping centres
such as Eastgate, hotels, golf
course, country club and very
appealing homes, Bedfordview
is a well-established, gentrified
suburb, complete with good restaurants
and coffee shops.
Good Location
Situated close to important
highways, technically it is
in a good location, being just
10 minutes from OR Tambo International
Airport, 15 minutes from the
Johannesburg CBD and 20 minutes
from Sandton. It is also within
easy reach of major industrial
areas such as Germiston, Elandsfontein
and Wilbart. |
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| View
of Corporate Park in Skeen
Boulevard, Bedfordview,
where JHI Properties is
marketing office space
available to let. |
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A Commercial Perspective
“Given its profile,
the question begs to be asked as to
why Bedfordview has not really taken
off from a commercial perspective.
Despite its very central location,
the fact is that it lies just off
the prime Northern Suburbs corridor
and there is the perception that accessibility
is somewhat of an issue, particularly
in regard to areas such as Rosebank
south and the Northern and Southern
Suburbs – areas where many corporate
senior executives reside.
Key Factor
“It is true that the Van Buuren
off-ramp – a main access point
– is often congested and the
approach to the CBD of Bedfordview
is somewhat convoluted. In comparison,
Parktown has easy access onto the
M1 at several points, a key factor
contributing to its success as a popular
business location, coupled with its
up to date buildings and vibrant ambience,”
says Reid.
Extensive Construction
He adds however, that following several
years of extensive construction, road
works on Gilooly’s Interchange,
which runs through the centre of Bedfordview,
are nearing completion and this must
serve to alleviate the tailbacks and
traffic problems encountered on the
N3, R24, N12 and R21 which provide
a vital link between Johannesburg
and OR Tambo Airport.
Development Potential
“The potential is there for
those with vision to capitalise on
it. Astute developers and investors
are planning ahead, and those who
have seized the opportunity either
to redevelop brand new, high grade
commercial buildings or revamp older
buildings to high specifications,
have seen these fully taken up by
businesses, mainly for prime office
accommodation.
Such
buildings are the catalysts to stimulate
growth points in the area, with spin-offs
for further redevelopment from a second
tier of new investors,” says
Reid.
Foresight
He says in much the same
way that some five or more years ago,
those with foresight invested in acquiring
commercial buildings in Parktown and
refurbished them, opportunities now
exist in Bedfordview to purchase investment
properties, which potentially offer
very sound value for money.
Office Space
Coupled with this, there are also
opportunities for tenants seeking
office space, with B-grade accommodation
with ample parking in good locations
and providing excellent value at gross
asking rentals of R85-R95 per square
metre. This represents a disparity
when compared with Parktown, where
actual office rentals are as high
as R120 per square metre – if
you can find space.
Conclusion
Concludes Reid: “Once Bedfordview’s
road infrastructure improves, it will
be interesting to see how rapidly
this area begins to realise its potential
and evolve into a sought-after location
for blue chip businesses. It just
requires a few more savvy investors
to kickstart the process of upgrading
and refurbishing commercial buildings,
particularly in the CBD area. Those
who have had the foresight are already
reaping the rewards of increased occupancies.
Office Accommodation Available
“Currently quality office accommodation
ranging in size from approximately
100 to 3 500m²
is available in various locations
in Bedfordview, including established
office parks and freestanding buildings,
such as Corporate Park, Eastwood Office
Park, Riverwoods Office Park, Ernest
Oppenheimer Office Park, Gilooly’s
View Office Park and other properties
in Skeen Boulevard.”
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| DEVELOPMENT
PROJECTS IN NAMIBIA SIGNAL RENEWED ACTIVITY
IN RETAIL AND OFFICE SECTORS |
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| Artist's
impression of '44 on Post
Street', providing a perspective
showing how the revamped
FGI Building will appear. |
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Development
projects in both office and
retail sectors are well underway
in Namibia’s capital city
of Windhoek, reports Monica
Pienaar, portfolio executive
in the region for JHI Properties,
which provides a range of commercial
property services.
Positive Indicator
“This is a positive indicator
for Windhoek, seen against the
backdrop of a further boost
for the region with the recent
announcement by the Mines and
Energy Minister, Isak Katali,
that an estimated 11 billion
barrels in oil reserves have
been found off Namibia’s
coast, and with further oil
and gas exploration anticipated
to see this country become a
significant producer of oil
and gas,” says Pienaar.
New Leases
Since the start of 2011, JHI
Properties Namibia has secured
new retail and office leases
at a total rental value of N$42.5
million and renewed existing
leases with a total rental value
in excess of N$12 million. Comments
Pienaar: “This year we
have received a great deal more
enquiries for retail space in
the CBD while the demand for
office space has remained consistent. |
Building Activity
“We are seeing a dramatic increase
in building activity in Windhoek,
with new buildings – mostly
office buildings – rising out
the ground as well as existing buildings
being revamped and upgraded. These
include new office buildings well
situated close to Maerua Mall as well
as a building comprising a showroom
with office component well positioned
adjacent to the southern industrial
area.
Hilton Hotel
“Among others, the Namibian
Government is building new offices
for the Auditor General just outside
the CBD, and expanding the office
of the ministry of finance. In addition,
the new Hilton Hotel opened its doors
in June this year (2011), situated
close to the landmark Sanlam Centre,
and has rapidly become established
as the preferred hospitality venue
in town.”
JHI
Managed Properties
Based in Windhoek but operating throughout
Namibia, JHI Properties manage a number
of high-profile properties on behalf
of private companies and pension funds,
including Sanlam Centre and FGI Building
in Windhoek and the Oshakati Centre
in Oshakati – each of which
is undergoing various expansion or
refurbishment projects. Other retail
centres managed by JHI are the Maerua
Lifestyle Shopping Centre and Katutura
Shopping Centre – both in Windhoek,
and a shopping centre in Oshikango.
44 on Post Street
Comments Pienaar: “The entire
FGI building, which will be renamed
’44 on Post Street’, is
undergoing a major revamp, and we
have just secured a new tenant, the
National Planning Commission, which
has taken 2033m²
of office space.
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They have already
occupied the first floor and
we are busy fitting out the
second and third floors to their
specifications. |
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With a total
gross lettable area of 2645m²,
including a small retail component
on the ground floor, the building
is fully tenanted and well
situated in Windhoek CBD close
to Wernhill, the largest mall
in the city.” |
Oshakati Centre
At the Oshakati Centre in Oshakati
in northern Namibia, a new extension
project of approximately 2300m²
is planned and scheduled for completion
in mid-2012.
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“This extension,
which will take the gross lettable
area of this centre to approximately
24 562m²,
will accommodate Woolworths,
Clicks, Studio 88, Fashion Express
and Musica. |
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“The
old Standard Bank building
within the centre will be
demolished and the road around
it will be re-routed in order
to accommodate this extension,
which will be in a prime location
adjacent to the 1508m²
Edgars store, which commenced
trading in September 2010.
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“Reporting good
turnovers Edgars have requested
we investigate the possibility
of their current store being
expanded by a further 1000m²,”
says Pienaar. |
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Other major
tenants in the centre include
Pick n Pay, Game, Foschini,
Markham, Mr Price, Truworths,
Miladys, Uzzi, First National
Bank, Commercial Bank, Jet
Mart, Sportscene and the Pepkor
group including Pep, Ackermans
and Dunns. |
Sanlam Centre
In the well-established Sanlam Centre
in Windhoek CBD JHI reports a strong
demand for office accommodation, however
both office and retail space is fully
tenanted, with the only vacant space
being two store rooms.
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“We have
a number of companies currently
seeking space in this centre,
which includes prestigious existing
tenants such as Sanlam, Namfisa,
the Germany Embassy, and the
offices and library of the United
States of America, among others.
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“With
a total gross lettable area
of 19 566m²
the building also houses on
the ground floor retail area
South African Airways, Air
Namibia, Taag Angola Airlines,
Foschini and Markham. |
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“The centre is soon
to undergo a major revamp
of all the lifts and modernisation
of bathrooms, with the bulk
of work to be completed next
year (2012). |
JHI Operations
One of Africa’s largest independent
and progressively empowered property
management companies, JHI Properties
commenced operations in Namibia in
early 2005, by forming a partnership
with the local BEE group, Omutemo
Investment Holdings, which holds 25%
equity in JHI Namibia. Based in Windhoek,
JHI Namibia also operates in Oshakati,
Ondangwa, Oshikango, Rundu, Katima
Mulilo and Swakopmund and is fully
supported by the South African operation
and network of offices. |
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