
The Village, Faerie Glen
The park was successfully rezoned in the early part of 2007 in order to permit the introduction of an additional 1,000sqm of office space. Construction commenced in September 2007 based on an initial first year return of 11%, and work is scheduled for completion in late 2008. Besides the additional office space, the R16m redevelopment will provide for the complete redecoration of the external facades, the introduction of an additional 70 parking bays, the redevelopment of the internal landscaped courtyard, and finally the upgrade to foyers and ablutions.
| ADDRESS | Glenwood Rd & Oberon St, Faerie Glen, Pretoria |
| DESCRIPTION | Erf 5 Faerie Glen |
| PROPERTY TYPE | Offices |
| INDEPENDENT VALUATION | R82,900,000 on 31 March 2010 |
| CARRYING VALUE | R82,900,000 |
| MAIN TENANTS | Pick n Pay |
| GROSS LETTABLE AREA | 6,799m² |
| CURRENT VACANCY | 35.70% |
| LEASE EXPIRY |
Year ending March 2008 - 2.2% Year ending March 2009 - 0.0% Year ending March 2010 - 6.6% Year ending March 2011 - 8.1% Year ending March 2012+ - 74.6% |
| RENTAL AVERAGE | R113.90 |
| ESCALATION AVERAGE | 0.00% |
