Emira Property Fund has launched an innovative leasing initiative that offers excellent occupation cost benefits at top-quality buildings in prime office nodes.
Aimed at the office market, The Intelligent Relocation by Emira offers tenants eight months of their total first year’s rental in incentives on a three-year lease, or 14 months rental in incentives on a five-year lease. It is made up of a rent-free period for fit-out and settling in, and a tenant installation allowance for layout configurations and customisation, plus buildings on this initiative will boast just a 7.5% fixed annual escalation.
Ulana van Biljon, COO of Emira, believes this is the most compelling offer for tenants in a fiercely-competitive office market. “Emira recognises that relocation is a costly exercise for tenants who need to upsize, downsize or simply want to move into more effective space in a more efficient building. We are offering the market this solution to assist tenants to relocate intelligently.”
She adds: “For any business focused on boosting its top line productivity while containing its bottom line costs, the direct value of this offer is impossible to ignore. However, there is even more tenant upside because it applies to buildings boasting a prime position in highly sought-after nodes, with A- to P-grade finishes. This is possible because of Emira’s recent portfolio rebalancing exercise, which has rationalised and enhanced the quality of our office exposure.”
To start with, The Intelligent Relocation will apply to Corobay Corner in Menlyn, Corporate Park 66 in Centurion, and Hyde Park Lane in Johannesburg.
These are already top-quality new or recently refurbished buildings in Emira’s portfolio, so The Intelligent Relocation benefits will apply directly for the tenants’ internal advantage.
Over time, Emira intends to identify more of its properties for the initiative, not only in Gauteng but also in key business nodes in cities across South Africa like Durban and Cape Town.
While The Intelligent Relocation by Emira offers distinct advantages for tenants, it is also a valuable tool for brokers, who can be confident they are providing their clients with a great product where top offices in top positions are a given.
“We believe this leasing initiative is competitively priced. It supports brokers’ success in a very competitive market and helps them give their clients the most value for their office space investment. They can be sure that their clients are getting the right price, right quality and right location for their offices,” says van Biljon.
Going beyond this, the initiative is also designed to add to the ease of relocation. Information about The Intelligent Relocation and its eligible properties is available at the click of a button, at www. intelligentrelocation.co.za or www.emira.co.za.
Commenting on the strategic benefits of the initiative, Geoff Jennett, CEO of Emira, says: “The prevailing dynamics in the extremely competitive office market require innovative, aggressive and clever strategies. We believe that Emira’s launch of The Intelligent Relocation is an excellent solution and we will continue to seek intelligent approaches to the continuous enhancement of our portfolio.”
Emira is a medium-cap diversified JSE-listed REIT invested in a quality balanced portfolio of office, retail and industrial properties. Its assets comprise 142 properties valued at R13.3 billion. Emira is also internationally diversified through its direct interest in ASX-listed GOZ valued at R940.4 million.