about us
In 1996 Prime interest rates were at 19,25% and demand was not strong for new Commercial property developments in Cape Town’s CBD. However, Harries Projects and their partner, Marc Cohen Properties, were brave enough to venture into a pioneer development on a vacant 5,562 m2 Commercial site in Roeland Street, known at the time as a semi-industrial node for warehousing.
Today this node is known as the East City Precinct, boasting up-market accommodation for exclusive apartments as well as top brands such as Amazon, e-TV and Virgin Active.
Bounded by Roeland Street, Upper Canterbury, Glyn and Streets, the site was perfect for creating sectional title offices and retail for the relatively small market of owner-occupiers and investors.
The end result was a development comprising 10,418m2 of bulk. There are approximately 80 office suites, 8 residential apartments, and 9 shops. To support all the staff operating from the complex, a generous 154 parking bays were created.
Due to relatively high interest rates, banks were only willing to grant 15-year bonds which meant relatively high bond repayments. Nevertheless, Roeland Square captured the market’s imagination and was sold out in a relatively short time at prices around R3,700/m2 – R4,500/m2 plus VAT with rentals at around R40/m2 plus VAT.
With excellent management by the Trustees and agents, Rabie Property Management, Roeland Square is now in high demand for small- to medium-sized businesses and achieves selling prices in the region of R17,000 to R18,000 /m2 with rentals up to R120/m2 plus VAT.
