Sandton City Office Tower’s facelift under way

Artist Perspective of Sandton City Office Tower. The building is to receive a significant facelift to its façade from the Co-owners, Liberty Holdings and Pareto Ltd.

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Liberty Holdings and Pareto Ltd have partnered to provide valuable façade upgrades to one of SA’s most recognizable office locations, the Sandton City Office Tower.

Co-owned by Liberty Holdings and Pareto Ltd, the upgrade will be managed by Liberty Properties.  The Sandton City Office Tower has been a focal point in Sandton from its location on 5th Street since it opened for business in 1973. Visible from vantage points across the greater Johannesburg area, the 22 storey high-rise is one of the most recognisable landmark buildings in the Sandton node. 

Graham Kusano, Divisional Director: Property Development, Liberty Properties comments, ‘During its 40 year tenure, the building has undergone routine maintenance and safety checks. The building remains structurally sound but, given the age of the building, routine restorative and preventative maintenance needs to be undertaken.’ Two independent firms of structural engineers completed recent audits of the building to assist in developing the programme.

Kusano says a decision to launch a simultaneous aesthetics and security upgrade of the building coincides with the maintenance works. He adds that the exterior of the building will be revived in line with current development in the broader Sandton complex. ‘A new glass façade will ensure it remains relevant in the prestigious Sandton Central node. In addition to the refurbishment of the façade, routine maintenance work will be conducted and we anticipate the project to be completed in approximately 18 months. Existing tenants are fully apprised of the situation and can rest assure that all occupational, health and safety regulations will be adhered to at all times during the course of the project.’

Amelia Beattie, Chief Investment Officer, Stanlib Direct Property Investments, the asset manager on behalf of Liberty and Marius Muller, Chief Executive of Pareto Limited in a joint statement say: ‘The investment is in line with both Liberty and Pareto’s strategy to ensure the properties are kept well-maintained and pertinent to their surroundings, and coincides with the current multi-million rand rejuvenation of the Sandton Twin Towers complex to create the prestigious Atrium on 5th commercial development. As co-owners, we are proud to be working on another project which will enhance the value of the property and over time the refurbishment will make the building more appealing to tenants.’

Last year in December, Liberty and Pareto announced an approval of R450-million investment for the refurbishment of the iconic Sandton Twin office complex which forms part of the landmark Sandton City Mall. The complex will be aptly renamed Atrium on 5th.

Liberty Properties

Property management company, Liberty Properties operates within the broader Liberty Holdings Group with two core capabilities, property development and property management. Its R27 billion property portfolio includes six premier super regional shopping centres, fourteen prime commercial properties and thirteen hotels.

This list includes a number of leading brands with the flagship being Sandton City Shopping Centre with its adjoining Nelson Mandela Square, Eastgate, Liberty Midlands Mall Shopping Centre, Liberty Promenade, Greenacres Shopping, Sandton City Office Towers and Eastgate Office Tower, amongst others.  The total gross leasable area of the portfolio is in excess of 1.1 million square meters.

Pareto Limited

Retail-Focused property company, Pareto Limited is fully owned by the Government Employees Pension Fund (GEPF) and represented by the Public Investment Corporation (PIC), Pareto currently manages a portfolio valued at nearly R15 billion, focusing primarily on super regional and regional shopping centres.

Pareto owns or part owns premier retail complexes such as Sandton City, Cresta, Southgate and Westgate in Johannesburg; Menlyn in Pretoria; Tyger Valley and Cavendish Square in Cape Town; the Pavilion in Durban; and Mimosa Mall in Bloemfontein. Mixed property developments with at least 50% dedicated to retail activity are a secondary focus. These include properties such as the Sandton Office Towers and Sandton Convention Centre, as well as various hotels which include the Sandton Sun and Sandton Inter-Continental.