PROPERTY: Nedbank Funds Transnet Head Office in Parktown
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Nedbank Corporate Property Finance has funded the second phase of Transnet’s new head office in Parktown, Johannesburg on behalf of the Tiber Group and Zenprop Property Holdings (Pty) Ltd.
The development has resulted in the upgrade of the building from B-Grade to A-Grade offices. It comprises 11,373m² office space, 630m² retail space, a 421m² banking mall, occupied by Nedbank, and a filling station.
Transnet’s first phase was also redeveloped into a single building of A-grade office space comprising 10,386m2, which Transnet took occupation of in December 2008.
The new head office is located just north of Braamfontein on the corner of Girton Road and St Davids Place in Parktown. It enjoys easy access to the Johannesburg CBD, St Andrews Road and the M1 highway and is close to all major arterial roads in the area, as well as schools, shopping centres and surrounding residential nodes.
Ken Reynolds of Nedbank Corporate Property Finance said, “Parktown has shown substantial growth over the last few years and this is a very good deal for the bank to be funding – we are backing established developers who have secured a strong tenant.”
A key factor in the decision to fund the development was the strength of both developers and their sound property development and management expertise as well as the strength of the main tenant, Transnet. In addition, the location of the property was key. Several new developments and refurbishments of existing buildings are currently underway in Parktown, indicating a high demand for space in the node.
Tiber Group was started in South Africa in 1948. It is a developer of good repute with the resources to successfully complete large developments and owns and manages a high quality property portfolio. Since its inception, it has followed a policy of pursuing quality, service and profitability as opposed to purely growth in turnover – a policy still maintained today.
Zenprop Property Holdings (Pty) Ltd is a South African based privately-held property investment, development and management company started in 1998. It has in-house expertise covering all facets of the real-estate industry with business units in Johannesburg, Cape Town and Durban. Since inception. Zenprop has grown into one of South Africa's premier property development and investment companies. The portfolio is spread across the retail, commercial and industrial property sectors, in the major centres in South Africa.
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