ApexHi to give properties R200m facelift
Nick Wilson
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LISTED property loan stock company ApexHi Properties plans to spend R200m on upgrades to properties within its existing portfolio.
ApexHi executive director Deon Feinblum said the upgrades were being driven by demand for space by new tenants, and by existing tenants who would renew leases only if the buildings they occupied were refurbished.
ApexHi said that it had invested R30m in refurbishments and upgrades to its offices and retail properties, while another R170m would be spent this financial year.
The company said that in Pretoria it would upgrade to the Zanza building at a cost of R40m, following the securing of a five-year lease with the public service and administration department for 14000m¦ of space.
The Zanza building is set to be renamed Batho Pele.
Feinblum said that government liked the position on which the Zanza building was situated, but he said it was old and needed to be ôrecladö.
Recladding a building involves putting in place a new facade.
Government had agreed to renew its lease on condition the building was refurbished.
ôInternally, we are refurbishing every floor, lift lobbies, lifts, toilets, reception areas,ö he said.
ôWe are also creating a canteen and a gym.ö
At its Cleary Park Shopping Centre in Port Elizabeth, ApexHi spent R2m on tenant installation to accommodate a Woolworths store.
An amount of R1,7m was spent on new escalators and on painting the interior of the mall.
A further R45m has been allocated for a major upgrade in the new year, which will entail converting old cinemas into retail space to accommodate other new tenants such as Pick Æn Pay.
Feinblum said that the reconfiguration of Cleary Park would consolidate the shopping centre in its area.
ôIf you have the major retailers in Cleary Park, it is difficult for rival centres to spring up in the area,ö said Feinblum.
Among the other buildings that are undergoing major renovations at present are the Berea Centre and Argyle Centre, which are both situated in Durban, as well as the Golden Mile building in Port Elizabeth.
Feinblum said ApexHi was using existing borrowing facilities for the upgrades. ôAll of these refurbishments will significantly increase the value of the buildings,ö he said.
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