CBD buildings to be revamped

Posted On Wednesday, 13 July 2005 02:00 Published by eProp Commercial Property News
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Urban Ocean Property Devel- opers, which is active in Johannesburg’s inner city, has bought two mothballed office blocks, including two landmark properties, from Old Mutual Properties for an undisclosed amount.

Alfonso BothaAlfonso Botha, who co-owns Urban Ocean with Duan Coetzee, says the company bought the two blocks, which have a combined space of just less than 40000m², at market-related prices.

Botha says Urban Ocean intends restoring the two office blocks, which consist of eight buildings.

Among the most well-known of these buildings is the old CNA building and Shakespeare House.

He says the two buildings are both heritage buildings in the Art Deco style dating back to the early 1900s. They had become derelict.

Botha says Urban Ocean is planning mixed-use developments for the office blocks. This would include a mix of retail, office, residential property and parking.

"The retail will be upmarket and we have some interested retailers wanting to come on board," says Botha. "Our plan is to start developing them from October."

He says Urban Ocean is looking at phasing in the development of the blocks.

"Phase one will be ready sometime from the middle to late next year."

Urban Ocean has been involved in other residential development projects in Johannesburg’s central business district.

These include Corner House and the Franklin, which includes the development of upmarket residential apartments.



Last modified on Saturday, 17 May 2014 13:52

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