Sandton Central Office Suites Now Selling At 16 Fredman Drive
National property developer FWJK Developments has been appointed by Zenprop Property Holdings and Redefine Properties, to redevelop the existing 22,000m2 office block at the corner of West Street and Fredman Drive. This A-Grade office building is occupied by Discovery Health, but will be sectionalised, making available a range of office suite sizes available to the public for purchase at R27500/m2.
The opportunity to buy prime sectional title office space in Sandton Central, which is close to the Gautrain Station, is simply unprecedented. Karel Kerling, spokesperson for the developer FWJK, says, ““Historically, office space in Sandton has been held by property funds and other institutions from whom business owners leased their premises. Pockets of sectional title space such as Katherine and West were quickly snapped up by investors at prices north of R34000/m² over two years ago.”
Incredible Value At Market Related Prices
The offering by FWJK is far under the current market rates, and offers unmatched value for money, specifically thanks to the prime location. R100 million has been budgeted for rebranding and refurbishment of the existing building, so as to provide the very latest electrical and energy saving technology. This will also help to preserve the building’s nodal status as a destination of choice for businesses and high end tenants in search of their own office accommodation.
Purchasers, in a South African first, will be offered a 5-year interest only mortgage bond, with no capital redemption payments required. The loan is made available at 80% finance, which means only 20% deposit is required. This provides investors and end users the chance to take an interest only loan, substantially reducing the demand on their monthly cash flow payments, resulting in the effective rental income exceeding bond payments by upwards of 9% in the first year.
Image courtesy of : FWJK