Amdec proves Drummond Garage to be a solid investment

Posted On Thursday, 20 September 2007 02:00 Published by eProp Commercial Property News
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Drummond Garage in the Johannesburg CBD, which was recently acquired by Amdec Property Development and Property Partners, is proving popular with car-owning staff of nearby companies

Tertius van DijkAmdec maintains that it cannot accommodate the flood of requests for parking leases it is currently receiving on the garage.

Amdec is the leading property development, investment and project management specialist which currently manages national property developments with a market value in excess of R4,5 billion.

Major tenants of security and access-controlled Drummond Garage include ABSA, with 100 of the 450 single parking bays, as well as Standard Bank. The parkade is  serviced by an independently operated dedicated shuttle service.

In addition to Drummond Garage, Amdec and Property Partners own 88 Fox Street, Consolidated Building and 28 Harrison Street in the same area. All buildings are located within a three-block area and were acquired from JCI late last year.

Parking is a vital commodity for many companies when selecting premises and it is for this reason that Amdec is retaining a number of bays in Drummond Garage as draw cards for the leasing of their office and retail property assets in the area. Amdec is also considering extending the parkade.

“It is well accepted that parking is generally at a premium in city centres, and older, established business districts. In the States, for example, there are Real Estate Investment Trusts (REITS) that are able to invest predominantly or exclusively in parkades as a result of the demand for parking space. This however, is still a largely unexplored area of property investment in South Africa,” explains Tertius van Dijk, Investment Manager of Amdec.

Drummond Garage is well situated in Johannesburg’s financial district, just south of the declared “Government precinct”, which is located largely within a two block vicinity of the Gauteng Legislature building.

Publisher: Amdec
Source: Amdec

Last modified on Friday, 16 May 2014 13:12

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