The development will be funded by the Momentum Group, and situated opposite the Newlands Rugby Stadium above the Western Province Rugby Union?s parking garage. The complex will be the new home of the Western Province Rugby Union.
The development will include 4,000m² of rentable office space ranging from R150/m² to R1,000/m².
Martin Rippon, RMB Properties' GM for Western Cape, says the Claremont-Newlands-Rondebosch area offers about 212,000m² of A and B grade office space.
He says vacancies have declined from 20,6% to 6,2% over the past 18 months as existing offices have been converted into residential apartments in the Claremont area.
The development is expected to be completed early next year.
Business Day
Publisher: Business Day
Source: Inet Bridge
