Redefine Properties, the JSE-listed real estate investment trust (Reit) expects its premium grade office building, the Hill on Empire business park, which is located in Parktown Johannesburg, will soon house insurance groups Santam and Miway.
Hill on Empire launched in 2017, having been developed by Abland. Owners Redefine had intended to extend the property with a second phase and waited for the right time to do so. The pandemic threw some of the plans out of kilter but Redefine, which has a market capitalisation of R29bn, is now ready to roll out phase two in 2023.
The Hill on Empire precinct comprises two office buildings, totaling 31 000m2 of A-grade workspace with views of the Johannesburg skyline, and phase two will unlock 15 869m2 of the space at a development cost of R372m. Santam and MIWay will take occupation on July 1 2023, and they will fully occupy phase two.
“Phase one offered tenants a view beyond business but we are really going above and beyond with phase two. There is a strong emphasis on sustainability focusing on efficiency, harnessing green energy and energy efficiency,” said Asset Manager from Redefine, Pieter Strydom.
Green features of this project include a solar PV plant and energy efficient lighting solutions.
Associate Development Director at Abland, Simon van Helsdingen, said Hill on Empire’s position is very attractive as it lies on some of the best arterial routes, with Empire Road providing access to the city centre and major highways.
Andre Lotz, manager Santam said Hill on Empire was a good choice amid an oversupply of office space following the Covid-19 pandemic and businesses adopting hybrid ways of work.
“We had no hesitation in choosing Hill on Empire as the ideal location to take our business to the next level ensuring our workforce enjoy great access routes and a modern work environment, connecting it to our intermediaries, clients and communities with the bonus of enjoying access to magnificent cultural and heritage sights all around,” he said.
Redefine has recently focused its development capacity in Poland where it has exposure to malls and logistics, more so than in SA.