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%

ACUCAP PROPERTIES LIMITED
REG NO.
JSE CODE
ISIN
2001/021725/06
ACP
ZAE 000037651
TEL.
FAX.
EMAIL.
+27 (0)21 702 2745
+27 (0)21 702 2738
INFO@ACUCAP.CO.ZA
REGISTERED OFFICE
 
 
SUITE A11, WESTLAKE SQUARE
WESTLAKE DRIVE, WESTLAKE, CAPE TOWN
PO BOX 31079, TOKAI, 7966