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Century City Square is filling up fast

Posted on Wednesday, 14th Oct 2015

Century City Square is filling up fast

 

The R1 billion mixed use Century City Square development is on track for completion by February 2016.

Rabie Property Group’s R1 billion mixed use Century City Square development, which is set to become the new commercial hub of Century City, is on track for completion by February 2016.

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, 1 330 parking bays and more than 15 000 m2 of offices ranging from hip and funky to traditional premier grade corporate in three different buildings – the Annex, the Matrix and the Apex.

The largest of these, the Apex, is an eight storey building with 7 900m2 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 being shown in some of the remaining space which is being let from R165/m2.

The Matrix is a mixed use building consisting of ground floor retail and showrooms, three storeys of offices totalling 4 500 m2 and 51 residential apartments set over a further three storeys. Only two of the 24 sectional title units – both 260 m2 in size – remain to be sold at around R20 000/m2. Sedica Knight of Rabie Property Group says much of this space was purchased by investors and Rabie is now letting the space on their behalf.

The third office component, the Annex, comprises 3 000 m2 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 that offices to let, which will enjoy the fastest internet speeds in Africa averaging 39Mbs, range from 120 http://www.sapropertynews.com/wp-content/uploads/2015/10/auction-telkom-sold.jpg to 5 000 m2 at rentals from R165/m2.

She says that a variety of restaurants and coffee shops will be opening in the buildings around The Square with leases currently being finalised and 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 four Green Star rated office buildings – 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.

Over and above all the facilities on offer in Century City Square, the development is within easy walking distance of the Virgin Active gym, convenience retailing at Colosseum, Canal Walk Shopping Centre, the MyCiTi bus station and the Century City train station.

Knight says the Century City Square and the rest of the Bridgeways precinct will benefit from new infrastructure projects totalling more than R130m being undertaken, including the construction of R45m of roads and canals in the Bridgeways precinct, an R18m upgrade of Sable Road, a further R4m upgrade of Bosmansdam Drive and the completion of a R35m 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.

Posted in Cape Town - Property News

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