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Nedbank Provides Funding For Upgrade of Hatfield, Pretoria

Posted On Monday, 17 September 2007 02:00 Published by
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Nedbank Corporate Property Finance has provided R190 million funding for the revitalisation of the Hatfield metropolitan node

Developed by City Property Administration, this project is a significant urban renewal project with the first phase having a total estimated project value of R280 million.

Known as The Fields, this mixed use development will address the needs of the area by providing housing and retail development.  The development includes a consolidation of seven core properties, which are situated in the street block bounded by Hilda Street to the east, Burnett Street to the south, Festival Street to the west and the railway line to the north. 

The first phase of the development will provide 680 residential units, 4000m² retail space and 832 parking bays, all within easy walking distance of the University of Pretoria.  While the development will provide upmarket student accommodation, permanent residents are expected to be attracted to the 24 hour urban precinct. 

The design philosophy is based on a convergence of pedestrian routes that lead to and from main existing destinations such as the University of Pretoria and the Hatfield central business district. 

The project should benefit from its close proximity to the proposed Gautrain station and be serviced via planned pedestrian links with the Gautrain station. 

Security and convenience are given a high priority.  Residents will enter a safe environment where they can access the secure foyer to their apartments via lifts from a two-level super basement parking area.  The design will make use of lighting, street furniture, planting and water features to enhance the urban areas.

The buildings are expected to come on stream on a phased basis between September 2007 and March 2008.

Brian Roberts, Divisional Director for the Gauteng division of Nedbank Corporate Property Finance says, “The developers of the precinct are spending a substantial amount of money on upgrading the infrastructure, safety and aesthetics of this highly popular urban node.  We have a long-standing relationship with City Property and have faith in their ability to deliver a top-quality development which will contribute significantly to the revitalisation of the Hatfield area."

The Hatfield development is part of the Premium Properties Limited portfolio.  Premium Properties is a listed property loan stock company and their total portfolio comprises 139 properties across the commercial, retail, industrial and residential property sectors. 

City Property Administration is a property management company that was established by Alec Wapnick and has been operating for the past 37 years.  Its major clients include two listed property investment companies, Premium Properties and Octodec Investments, as well as a large number of private clients.

As a result of City Property having clients with significant investment in the Pretoria and Johannesburg central business districts, the company has allocated substantial resources to managing, understanding and developing CBD properties.  In order to respond to clients’ demands, it has taken an innovative approach to its urban renewal projects.  Many of the 6000 residential units were created through the conversion of unutilised office space into residential units.  This has translated into a remarkably low vacancy factor of 0.75 percent.  It is City Property’s priority to create revitalisation in areas where it owns and manages buildings. In the previous two years, R200 million has been invested and plans are far advanced for further investment.

City Property Administration contributes its success to its pro-active approach to letting and unlocking the value of its assets through redevelopment and upgrading, resulting in growth in earnings.  The portfolio consists of 400 buildings, with a combined lettable area in excess of approximately 1-million square metres. The properties are diverse in nature ranging from traditional shopping malls such as the recently renovated Killarney Mall to convenience shopping centres, industrial workshops and warehouses, and offices, residential apartments and retail stores.

Last modified on Monday, 12 October 2015 17:34
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