Phase II of the Alice Lane development owned by Pivotal Property is under construction and is scheduled for completion in November 2014. The phase II will comprise construction of a building at an area of 16000m.
Pivotal Property, which has acquired property assets worth USD $0.14bn from Standard Bank Properties constituting 70% of Alice Lane development, has already completed Phase I of Alice Lane development as at September 2013. Phase one occupied 19000m2.
The second phase facility has been set aside for renting by Santam – an insurance company – and Financial Services Group, Sanlam.
Space in the facility constructed in Phase I was rented out to various retail owners, and some of the tenants in this phase include Virgin Active, Marsh, Bloomeberg and Standard Bank.
Pivotal property is also planning for Phase III of Alice Lane development. This phase will constitute construction of a building with a floor space of 35000m with its completion expected to be in November 2016. Bowman Gilfillan, one of South Africa’s “big five” legal firms will occupy 22000m of these spaces.
The Alice Lane Development stands as a landmark in Sandton, South Africa. Alice Lane I building recently achieved the Green Star rating, and the first and second buildings are also expected to acquire this status.
Pivotal had initially acquired 30 percent of Alice Lane office development and the acquisition of the remaining 70 percent makes it the sole owner of the property.
According to the company, this move brings it closer to their goal of being listed on JSE’s main board with a portfolio in surplus of USD $0.82bn. Upon completion, the property is expected to have a total value of above USD $0.32bn.
The Managing Director of Pivotal Jackie van Niekerk noted that the criteria used in choosing the investment included location in a convenient place and need for grade retail and commercial properties.
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