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property spotlight
| | The Place, 1 Sandton Drive | Offering exceptional exposure at one of the gateways into Sandton, and opposite Sandton City, The Place presents 33 380m² of premium-grade office space, atop five levels of parking. This commercial property incorporates innovative design elements to offer spacious common areas while maintaining a sense of individual identity for each tenant. | | |
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View our latest properties
available to let!
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| Office Portfolio |
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overview
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"Our asset management strategy, to cherry pick prime investment properties and to let them to quality/premier clients, is now paying dividends, as reflected in the low default rate. Recently completed developments offer opportunities for growth.” Rudolf Pienaar, Divisional Director – Office Portfolio
The office portfolio comprise of 138 properties with a total gross lettable area of approximately 1.23 million sq. m and a valuation of approx. R12.4 billion as at the 30 June 2009. Overall, the office portfolio accounts for 42% of Growthpoint’s portfolio by value and 27% by gross lettable area.
The table below gives a cross sectional view of the office portfolio as at 30 June 2009.
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| Recent performance | In the year ended 30 June 2009, market demand for office space was weak. Vacancies increased from 3.8% to 6.2%, while vacancies in new developments contributed 2.7% (2008: 1.1%) to take total office vacancies to 8.9% at the end of the year. Besides Lincoln on the Lake in Umhlanga (KwaZulu Natal), which has a total lettable area of 6 671 m2, there are no other developments in progress that could add to the vacancies. Although vacancies are likely to increase in the | | Read more |
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The table below gives a
cross sectional view of the
office portfolio as at 30
June 2009. |
| Office Sub Class | Number of properties | GLA m² | Value Rm | Value /m²(excl. bulk) |
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| High Rise Offices Investec | 2 | 83,781 | 1,892 | 22,582 | | High Rise Office | 18 | 256,913 | 2,172 | 8,457 | | Low Rise Offices | 57 | 302,126 | 3,138 | 10,388 | | Office Parks | 49 | 462,550 | 4,161 | 8,920 | | Office / Warehouse | 1 | 63,388 | 362 | 5,445 | | Mixed use: Office and Retail | 1 | 6,560 | 75 | 11,375 | | Hotels | 1 | 19,233 | 129 | 6,695 | | Hospital | 1 | 14,022 | 264 | 18,812 | | Other | 8 | 22,218 | 183 | 8,216 | | Total Office | 138 | 1,230,791 | 12,376 | 9,971 |
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The geographical analysis of the retail
portfolio by value and GLA is depicted below.
As
the lease expiry profile as at 30 June 2009
shows, close to 50% of existing leases
expired after 3years. The expiry profile
gives Growthpoint the security of long term
tenancy while also providing the opportunity
to benefit from the short term expires.
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