Dominant in the residential property market in Tshwane Municipality, Pam Golding Properties Pretoria has extended its range of services by establishing a dedicated commercial and hospitality division in the region.
Says Dr Andrew Golding, chief executive of the Pam Golding Property group: “This has resulted from a growing demand from our existing clients and the marketplace to service their commercial requirements in this burgeoning region.
“With our extensive network and database of clients, who include investors and owners in commercial projects and accommodation, we are ideally positioned and strategically located to service this demand.”
Retha Schutte, Pretoria regional executive for Pam Golding Properties says: “While the commercial arena is not new to us, we have now created a focussed division within our Pretoria operation, namely Pam Golding Commercial and Hospitality, in order to best service clients in both the commercial and hospitality sectors in select areas.”
This division is backed by the years of extensive experience of the Pam Golding Property group’s existing company, Pam Golding Hospitality, which for many years has been successfully involved in hotel, lodge and guesthouse investment as well as tourism and hospitality consulting for both local and international clients.
Says Schutte: “The market has indicated to us that it is eager to work with a service provider which has not only the experience and contacts, but also the international capabilities in this field.”
Over the past few years, Pretoria has seen tremendous growth in new commercial developments, such as the iconic Menlyn Maine, a mixed-use development that continues to drive demand for commercial, residential, hospitality and retail offerings. Within this ground-breaking project – which is Africa’s first ‘green’ city, new prime buildings are being brought to market, with occupiers just waiting to move in.
Says Schutte: “Notably, which speaks to the stature of this sought after precinct, according to SAPOA’s Q2 2019 Office Vacancy Report, Menlyn Maine ranks fourth only behind Sandton, Waterfall and Rosebank in terms of the overall level of office development under construction, and third behind Sandton and Rosebank in regard to average development size – with projects reflecting an average gross lettable area of 13 700m2.
“Already we have mandates to lease prime offices in Central Square, a mixed-use development in Menlyn Maine, as well as in Irene Corporate Corner (formerly known as Quattro Fontane) in Centurion,” says Schutte.
In Central Square, Park Lane West is located in a 4-Star Green-rated precinct with occupation scheduled for March 2020, with sectional title commercial units available at rentals of approximately R170/m2.
In Centurion, Irene Corporate Corner is a small boutique-style office park that will house between 40-60 companies. Set in a park-like environment, this office park consists of 19 stands with buildings of 500m2 -1 000m2 in size, and office units starting from 170m2.
Adds Schutte: “With so many new developments coming on stream, our team is well-placed to provide the necessary guidance on lease agreements and manage leases on behalf of landlords.
“The market’s reaction to the launch of our new commercial division has already been positive, as reflected in the brisk uptake of office space on our books, and we are excited to introduce our new service offering to existing and potential clients.”
Also according to SAPOA’s report, Tshwane has recorded an aggregate office vacancy rate of 9%, which is 80bps down on a year ago, while the vacancy rate of offices in the Pretoria CBD ended Q2 at 5.6% – the healthiest level in seven years. Among the top 10 largest office nodes, the Pretoria CBD sports the highest percentage of fully occupied buildings at 92%.