The burgeoning private residential property market has brought about a new twist to the commercial market that is creating a resurgence in demand for sectional title conversion of existing office space.
As a result of soaring residential values, properties that would previously have been available for conversion to business use are now few and far between, bringing fresh viability to the conversion trend which initially took off in the residential market in the mid 70’s.
The renewed trend has been identified by Barrow Properties which announced the start of work on a sectional title conversion of 26 Baker Street Rosebank, a three storey building on a strategic location, for the Motor Industries Pension Fund (MIPF).
Total area involved amounts to about 3000m2 with the areas of the thirteen units that will come on sale shortly varying from 150 to 500 square meters.
At R5000/square metre plus parking, the offices will be competitively priced relative to similarly property in the area.
And therein lies the attraction of sectional title conversions of this nature points out Paul Barrow of Barrow Properties.
“Many older buildings are in prime localities and are ideal for sectional title conversion.
“Rosebank itself is enjoying a resurgence, aided by its strategic location and fresh development in the area, so whichever way one analyses this particular project and others of similar ilk, it makes considerable commercial sense” says Barrow.
Space in the development becomes available towards the end of 2004 and occupation is set for early 2005.
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