New office development for Softline Group financed by Nedbank
The construction of a new three storey A-grade office block for the Softline Group at Century City, Cape Town has just been completed.
This successful property development is backed by Nedbank Corporate Property Finance, who have provided the R43.3-million finance required to complete the turnkey development by well-established development company Gorrie and Findlay.
“In property, location and demand are among the most crucial factors in determining value, and this development has certainly satisfied these two criteria,” says Richard Thomas, regional executive Nedbank Corporate Property Finance, Cape.
“Arguably the most advanced, well-planned and sought-after commercial area in Cape Town, Century City offers easy access to the major road networks and has been called ‘the gateway’ to the rapid urban and economic growth in the West Coast region.
Featuring a contemporary mix of modern industrial properties, warehouse retail trade and hi-tech office accommodation, the area is also uniquely surrounded by residential areas, ranging from upmarket golf estates to lower income areas, with significant activity in the upmarket high-density residential development market.”
Thomas adds that vacant land has been snapped up to accommodate the rapid development and growing demand over the last few years. “In fact, the property on which the Softline Group’s new offices have been developed was the last vacant land in the area adjacent to Bosmansdam Road.
It is surrounded by recently completed office developments such as the Abbotts College Building, as well as a number of residential apartment developments.”
The developers, Gorrie and Findlay, have completed numerous successful developments in the Century City area, including Century Gate, Central Park, Regent Park, Hlokoma Park, Hyde Park, Green Park and Prestige Business Park.
Founded in 1968 and a member of the Master Builders Association since 1972, Gorrie and Findlay have established themselves as specialists in industrial land sourcing and development, while also completing a number of multimillion rand office and residential developments, such as the prestigious offices at The Estuaries in Century City and the Helderberg Retirement Village in Somerset West.
Founded by Ivan Epstein and Alan Osrin, and soon after joined by Steven Cohen in 1988, Softline is one of South Africa’s most inspiring corporate success stories. Established during the formative years of the software industry with a mere R1 500 loan, the company listed on the JSE Securities Exchange South Africa in 1997 and delisted in 2003 to be acquired by Sage Group plc.
Over twenty years, Softline has become a local leader in business software solutions backed by the strength of the global Sage brand. Their new offices will reflect their leading position in a highly advanced and dynamic market and are expected to be completed in April 2011.
“The successful completion of this development will highlight the effectiveness of the collaborative and hands-on approach of the professional property consultants at Nedbank Corporate Property Finance.
Bringing together the right property, the right development team and the right finance ensures that successful developments benefit all stakeholders involved, as well as the area in which it takes place,” concludes Thomas.