Property Flash


Fairvest, the JSE and A2X, has completed an aesthetic refurbishment of the offices at 220 Madiba Street in central Pretoria. Fairvest says that the upgrade of this asset secures its “future relevance, appeal and competitiveness in an up-and-coming city node”.

February 7, 2023

Diversified real estate investment trust (Reit) has upgraded 220 Madiba Street, located in central Pretoria and renamed the office, 2Twenty Madiba.

The 12000 square metre building was formerly an advocates’ chambers. Fairvest said the building is in an ideal position for attorneys, advocates, legal firms and paralegal professionals as tenants, with its prime location opposite the Gauteng High Court. In addition, 2Twenty Madiba is in a government node and is central to all national and municipal  government offices.

The refurbished property has 15-storeys and each floor spans 730 square metres. 2Twenty Madiba also has a ground-floor coffee shop.

Fairvest’s chief operating officer, Alon Kirkel said that 2Twenty Madiba was a great address in a well-established neighbourhood and boasting over 400 parking bays making it ideal for a government tenant.

“We’ve overhauled the asset to meet the future needs of businesses in the area, and Fairvest is excited about its new chapter. Post-refurbishment, the offices are attracting good levels of interest and enquiries from potential tenants. It already enjoys a sizeable tenancy with Liberty and houses a co-working and shared offices tenant. We expect it to continue to draw new tenants,” said Kirkel.

He said 2Twenty Madiba was in a neighbourhood that is rich in amenities. The building is opposite a Pick ‘n Pay grocery store, close to affordable accommodation, superbly served by public transport including the Gautrain at Pretoria Station, Tshwane Bus and Gautrain Bus and minibus taxis. – and nearby hotels that are geared for business travellers.

Kirkel said Fairvest was focused on creating long-term shareholder value through managing its diversified portfolio of more than 140 retail, office and industrial properties valued at R12.1bn and earning dividend income from its indirectly-held SA Reit investments of R3.4bn.

Offices account for 38 of its properties, around a quarter of Fairvest’s directly held portfolio by both value and area. In line with market trends in a challenging business environment, its office vacancies decreased to 13% at its September 30 2022 financial year end.

“When Fairvest merged with Arrowhead, we took the opportunity presented by the vacancy to refresh the property because we are confident in the future of this asset and the area. The investment in 2Twenty Madiba will help to close the vacancy gap and contribute to buoying central Pretoria” said Kirkel.

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