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Existing buildings trump new developments, saving investors' money. Jones Lang LaSalle began calling for tenders relating to the sale of prominent Johannesburg landmark, Jorissen Place.
The salmon-hued highly recognisable building boasts 28 000m² of office space, 630m² of retail area and 563 basement parking bays. It occupies an entire city block bounded by Jorissen, Bertha, de Beer and de Korte streets in the regenerated area of Braamfontein and offers significant value for owner-occupier and tenants alike.
“There is a lot to be said for purchasing existing buildings in the current economic climate. The main driver for owner- occupiers and investors is expense, in some instances existing buildings of good quality and functionality can trade as little as one third the cost of a new build,” says Head of Capital Markets at Jones Lang LaSalle South Africa, Andrew Bradford. “If you add the predictable timelines and avoidance of hassle, existing buildings trump new developments by far. We have achieved a number of successes in this space recently with demand for these types of properties far outstripping supply,”
Geographically, Jorissen Place boasts a prominent location at the foot of the striking Nelson Mandela Bridge with high exposure and within easy access to the M1 motorway and local retail. Its walking distance proximity to Gautrain’s Park station and other public transport, and exceptional views across the city make Jorissen Place a highly desirable real estate asset. The 18 storey striking granite structure offers corporate owner-occupiers or investors superior office accommodation in the heart of Braamfontein. Designed by Louis Karol and completed in 1992, the building’s classical modernism architecture responds to its environment, making an imposing statement and providing an attractive return on investment.
Continues Bradford “The opportunity to buy another building of this quality and location is unlikely to be seen again for quite some time. It is rare that such landmark buildings come up for sale. Jorissen Place is in impeccable condition with current tenants including local government and provincial tenants, a national retailer, a big four bank and an embassy,”
Braamfontein itself has been given a new lease of life of late thanks in large part to the district's regeneration initiative headed by the Johannesburg Development Agency and property owners. Through the establishment of the Braamfontein Management District, this precinct has been transformed into an appealing and safe corporate district, educational centre, and entertainment and arts hub.
“With Jones Lang LaSalle’s unparalleled reputation for adding real value to the South African corporate property industry, potential purchasers of Jorissen Place are assured of a fair, reputable transaction,” concludes Bradford.
The closing date for private tenders is 29 February 2012.
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