Central Park's third phase, Century City

Posted On Friday, 01 June 2012 13:46 Published by
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Despite improvements to Century City's vacancy rate, concern at city level still persists. That being said, Giles Balmer of developers, Rabie Property Group, maintains that sales and lettings in phase two of Central Park, the Courtyard precinct, have gone well and has spurred the group on to launch phase three shortly

 

The successful completion of the first two phases of the development comprised of 10 standalone buildings totalling around 12 000 square metres. One building has been let to BASF and 65% of the 18 units in a second 2200 square metre sectional title building has been sold, with the balance under negotiation

The third and final phase of Central Park, an 18 000 square metre low rise office park situated around a village green at Century City, is to be launched shortly and will comprise five free standing buildings ranging in size from 768 m2 to 2012 m2. Construction of the first building of around 1000 square metres is expected to start shortly.

Offering  intimately planned, village scale office buildings in three unique but interrelated office parks set around a lush open field where regular sports and community events are held, Central Park is in easy walking distance of all Century City’s amenities including the public transport interchange and the Canal Walk Shopping Centre.

“In fact Central Park was planned as the focal recreational hub for the greater Century City precinct and is also home to a Clubhouse, a community square and the offices of the Century City Property Owners’ Association, the non-profit company responsible for the day to day running of the 250ha development,” says Balmer.

Balmer said the decision to commence construction of the final phase was indicative of the developer’s confidence in an improving property market over the next 12 months as well as a significant decrease in office vacancies within the Century City precinct.

“Office vacancies have fallen from a peak of 12% 18 months ago to around 8% and are expected to dip under 7% by the third quarter of 2012, a trend which will hopefully continue into 2013,” he said. eProp notes that the trend at city level has seen vacancies increase as reflected in the accompanying graph; as the saying goes 'no man is an island'.

Last modified on Saturday, 02 June 2012 14:17

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