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Durban's new property icon
Date published 17 November 2009
Thanks to a convergence of tax incentives, catalytic development and a growing demand for downtown offices, Durban's CBD is garnering more attention than ever. Nonetheless, it took a Capetonian to recognize the enormous potential in Durban's John Ross House.
"Anton Botha of Cape Town-based Catalyst Group decided to take a well-known Durban property, and make it an urban regeneration landmark," says Colin Sher, managing director of Broll KZN, which handled the leasing of the property's commercial space.
Completed in the early seventies, the 33-storey building is best-known for the iconic Roma Revolving Restaurant, one of only a handful in the world, which offers a 360-degree perspective of the cityscape. There are also more than 500 sectional title apartments in the building, many of which enjoy spectacular harbour views.
"But it was the 13,000sqm office and retail component that really needed attention," says Sher.
And it has certainly received the most detailed attention as part of this landmark multi-million Rand project by owners Catalyst Group.
As Broll portfolio executive Theresa Terblanche explains, the R38 million refurbishment restored the lower three floors of the property - including the ground floor retail and two floors of offices situated in the podium of the building -- re-developed the public foyer and extensively updated the exterior facades.
"A high-tech security system was installed and extensive upgrading of the lifts, air-conditioning and electrical infrastructure have all been put in place," she elaborates.
As with any project that is quick to respond to changing market dynamics, the John Ross House refurbishment was not without its challenges. "A project of this nature, which uplifts the surrounding infrastructure, does not come without its difficulties," says Sher. "These varied from an apprehensive body corporate and residential ownership, to Council's hard-line approach to its rules and regulations, plus multiple maintenance flaws - like water leaks."
Still, the decision paid off.
The new-look John Ross House - with its gleaming, blue-glass office towers - is well-positioned to take advantage of a highly-anticipated upswing in Durban's city centre, just as Botha envisioned.
Tapping into government tax incentives offered in downtown Durban's Urban Development Zone enhanced the project's viability. The building's prime location overlooking the city's busy harbour - and its proximity to the catalytic Point Waterfront initiative - enhanced its appeal as an investment.
Another factor is a renewed sense of excitement about having a downtown address.
It's one of the reasons the new office towers let so smoothly, says Sher. Freight company UTI occupies 3,000sqm of the newly-refurbished office premises, while Spar has taken up retail space along with a host of convenience retailers geared to serving both the office worker and residential markets close by.
Broll is itself relocating its 1,300sqm KZN headquarters, consolidating its Musgrave and Berea offices, to John Ross House. You could say the firm is putting its money where its mouth is.
Author: realestateweb
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John Ross Building after
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