The centrally located Waverley Office Park, with its capacity for some 35,000sq m low-bulk commercial space, is being developed by New Order Investments, a joint venture between respected property developers and investors Vlaming (Pty) Limited, Devcon Projects (Pty) Limited and Top-Flite Properties (Pty) Limited.
Waverley Office Park is located between the city's two main business areas, the Johannesburg CBD and the Sandton CBD, overlooking the major north/south freeway which runs directly through the city and on to Pretoria, in one direction, linking to OR Tambo International Airport in the other.
"This node is already a prime business area and, with higher fuel costs, ease of access is becoming increasingly important and centrally located offices are proving exceedingly popular," says Jan Vlaming of Vlaming (Pty) Ltd.
"There is also a strong demand for office space," says Vlaming.
Building plans, which have been drawn up in consultation with residents of the neighbourhood, have been approved and the commencement of the first phase of construction is imminent. Electricity has been confirmed for the full development.
Originally purchased by the partnership as a partial land assembly, the development comprised a number of residential properties with various business rights and an intended focus on retail and showrooms.
"It presented a good opportunity in the right location with approved power and as a result we decided to pursue the completion of the project with one major amendment. As a result of the high prevalence of nearby retail, we adjusted the development to include only upmarket offices," explains Lance Chalwin-Milton of Top-Flite Properties.
The first phase of Waverley Office Park comprises 25,000sq m, of which 12,000sq m will initially be constructed and ready for occupation by September 2009, followed by portions of 12,000sq m and 11,000sq m on a demand-driven basis. Future phases will be introduced in line with market requirements.
Rentals are anticipated to be achieved at R125/sq m.
For more information contact Jan Vlaming on 011 465 2202.
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