15 Alice Lane Sandton - Phase 1
In September 2007, James Reeves (then Director - Head of Capital Projects for EMEA Corporate Real Estate Services) appointed Jones Lang LaSalle and John S. Murray & Associates (a previous alliance partner to Jones Lang LaSalle), to act as tenant representatives for the professional exercise involving the relocation of the Bank's South African investment arm, ABSA Capital, from its premises on the eastern periphery of downtown Johannesburg. That node had traditionally been the major business centre of Southern Africa, but the Sandton CBD has long since acquired that status – and arguably for Africa – and it was this which informed the Bank's belated decision to move there.
In essence the relocation was prompted by the Bank's longstanding need to at once effect comprehensive improvements in the areas of occupational efficiency; parking ratios; security; ease of accessibility for high value clients and key staff alike; infrastructural, as well as lifestyle benefits for both; corporate image and brand exposure.
Following a detailed review of options, 15 were identified as meriting basic consideration, from which list two were than subjected to in-depth comparative analysis before refined terms were sought from the respective owners, effectively by way of tender. This resulted in Sandton Court being selected as the subject of a comprehensive programme, in terms of which the original structure became the hub of a substantially upgraded and extended building, completed to a specification which now stands as a benchmark for banking standards worldwide. This was achieved at a cost of ZAR 570 million, the building having been delivered to the Bank's professional team in shell and core condition.
The completed development, comprising a total of 12 358m² of premium grade offices, 4 938m² of service area and 247m² of canteen deck together with 600m² basement and 30 open parking bays, was leased by ABSA Capital for 12 years at competitive commencing rental rates, all of which escalate annually at 7% (the lowest on recent record in the South African market) on a full repairing and insuring basis which took effect on 1 May 2008.
No.8 Rivonia Road Illovo – Phase 2
We have negotiated a 5 years lease over the above mentioned 4 750m² building at 8 Rivonia Road, Sandton (which has been occupied by Barclays), in regard to which, fit out was completed in August 2011, though liability for rent will not commence until 1 March 2012, i.e. involving a three months rent-free period for the Bank. This building accommodates 500 max-packed personnel.