Fairvest Limited (JSE: FTA & FTB), which is a diversified REIT, has completed an aesthetic refurbishment of the landmark offices at 220 Madiba Street in central Pretoria. The upgrade of this asset secures its future relevance, appeal and competitiveness in an up-and-coming city node.
The updated 2Twenty Madiba, as the building has been renamed, combines heritage with modernity.
The 12,000sqm building was formerly advocates’ chambers and remains 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 well-established government node that is central to all national and municipal government offices and is proximate to the many colleges in the area.
The refurbished property features a secure, striking triple-volume reception area that welcomes tenants and guests to the 15-storey building. Each floor spans 730sqm with cellular offices with spectacular views across the city. 2Twenty Madiba also offers a ground-floor coffee shop which includes social alfresco seating around a soothing water feature.
Alon Kirkel, FairvestChief Operating Officer, comments,“2Twenty Madiba is 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.”
The appeal of the well-managed and -maintained building is enhanced by very competitive rentals and unusually generous parking ratios, making it ideal for people-intensive businesses, such as business process outsourcing (BPO) call centres and government enterprise
2Twenty Madiba is 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 – Gautrain and SANRAL at Pretoria Station, Tshwane Bus and Gautrain Bus, minibus taxis – and nearby hotels that are geared for business travellers.
Added to this, the surrounding neighbourhood is seeing an upsurge in development and popularity, with investments and improvements rejuvenating the area and making it a safe and increasingly attractive node.
Fairvest is focused on creating long-term shareholder value with its well-managed diversified portfolio of 140-plus retail, office and industrial properties valued at R12.1 billion and 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 30 September 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” adds Kirkel.