Redefine Properties has stayed afloat by its strong focus on tenant retention. The company remains at the leading edge of key trends by shaping the sector through deepening tenant and broker relationships, ensuring consistency in customer experiences, and improving operational sustainability.
Pieter Strydom, Commercial Asset Manager of Redefine Properties comments:
“Tenant retention is our number one priority and we are therefore focusing on improving occupancy by rejuvenating premises to ensure that they remain relevant to the user’s needs. We are also boosting operational sustainability through facilities and utilities management interventions.”
Redefine is aware that flexible workspaces are quickly becoming the ‘new normal’ in the modern working world, for instance. It already has exposure to four of the larger co-working businesses, namely Flexible Workspace, The Business Exchange, Regus and more recently, WeWork.
Strydom says that the fifteen-story Rosebank Link – measuring 20 000 square meters – is now fully let, with WeWork as the primary tenant. The building boasts a 4 Star Green Star rating.
Whilst Sandton has an over-supply of office space, well located P-grade green building remain in demand: “While traffic remains the key detractor in the Sandton node, new builds offer amenities, accessibility to transport and efficient green-building designs,” says Strydom.
He says that nodal demand in Sandton is being driven by proximity to the Gautrain and consolidation and densification, whilst Redefine has also noticed an increase in residential development in Sandton, with mid-tier accommodation being planned. Strydom told investors recently that Rosebank remains a high-demand area with a shortage of available P-grade offices.
Redefine’s investors were updated on Pybus, the bespoke chambers for advocates, who are known to be long-term, secure tenants. Showcasing a barista café and a boardroom, facilities free of use to all, 11 500 square meters are 74% let, with the first tenants moving in earlier this month. Redefine demonstrated how 155 West has been refurbished to an A-grade specification. Although lower Sandton is not showing strong demand, 155 West is bucking the trend with its great value for money proposition translating into good demand for the building. The recently completed building is 60% let.
Meanwhile, Park Central, the residential development catering to a shift in lifestyle trends, is due for completion by the end of May this year.
Redefine CEO, Andrew Konig says:
“At 20 storeys, this will be one of the tallest residential buildings in Rosebank, and we are making steady progress on bringing these 159 luxury apartments to market. Any unsold units will be rented out and we are excited to be venturing into the residential space in this growth node.”
Andrew cautions however that in Rosebank, cognizance must be taken of the future impact on municipal infrastructure and roads that are not being upgraded by council.
“We continue to thrive in a subdued environment marked by low confidence thanks to our strategy of investing where we believe the best market opportunities lie and catering to the evolving demands of tenants,” concludes Konig.
Source: Propertywheel.co.za | https://propertywheel.co.za/2019/04/redefines-tenant-retention-bears-fruit/