Quintin Rossi, Redefine’s National Leasing Executive, said that he is particularly satisfied with this achievement because Century City has become a recognised, fully established commercial precinct, capable of competing with any other in the Western Cape. 

“I am gratified that the Redefine portfolio is now fully let to quality tenants.  In the light of the SAPOA office vacancy survey for the last quarter of 2009 which shows that current vacancies on A-grade offices in the Century City precinct are running at a 12,3% (23 000m²) – excluding any new developments which could come on line this year – this is a good achievement,” said Rossi.

Redefine’s Century City portfolio consists of 21 000m² of office space in four buildings:  Knowledge Park I, Knowledge Park II, Knowledge Park III and Heron Place.

All the tenants signed up for these buildings by Redefine, said Rossi, are on favourable lease terms and are blue chip companies.  The major names here are Discovery Health, Fusion Outsourcing and MTN. 

The Century City letting success, added Rossi, has “spilled over” into Redefine’s nearby properties in Montague Gardens.

At their 4 096m² Eagle Park light industrial park on the corner of Bosmansdam and Sable Roads, Toshiba, the electronics group, has taken the last 628m² of space, joining LG Electronics and G45 Securicor who were already there.  Toshiba’s rent, said Rossi, is in line with current market conditions and was concluded on a well balanced Landlord / Tenant benefit basis. If necessary, he said, Redefine can develop a further 3 000m² of either showroom or office space on the Eagle Park land to tenants’ requirements.

Redefine is, too, seeing improved letting of office space at its nearby 22,000m² retail/office complex, Sable Square on Sable Road – but still has 1 300m² available here.

In November last year Rossi said that Redefine would in 2010 aim to cut its major national vacancies by half.  This year, he said, lettings got off to a slow start but now there are significant signs of an upswing and the Cape lettings are one sign of this, with 7 000m² of space let during the month of March in the Western Cape portfolio.