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R234m office property in Umhlanga

Nedbank Corporate Property Finance has ensured another property opportunity realised, through its financing of The Centenary office building in Umhlanga New Town Centre, which was launched on 8 May.

Nedbank Corporate Property Finance has ensured another property opportunity realised, through its financing of The Centenary office building in Umhlanga New Town Centre, which was launched on 8 May.

Comprising more than 16 892 square metres of GLA, this building has been developed at a total cost of R234 million by Centenary Development Company and is managed by Fundamentum Asset Management.

This last phase of the development, known as Quadrant 3, has been sold to and occupied by the Ignition Group.

According to spokesperson for Fundamentum Asset Management, Brendon Penn, the Centenary office block features a distinct four-quadrant architectural design, and provides modern, functional A-grade office space, meeting the individual needs of various tenants and investors, including that of Fundamentum Asset Management.

The building has a prime position in the heart of Umhlanga.

Sean Bergsma, chief executive officer of Ignition Group, echoes these sentiments and notes that the Ignition Group has had a keen interest in this development since it was first conceptualised.

“We are pleased to have acquired approximately 9 018 square metres prime A grade office space in this building.”

The premises serve as both Ignition Group’s head office, as well as their direct sales centre which markets cellular and insurance products.

Anand Joseph, regional executive at Nedbank Corporate Property Finance KwaZulu-Natal, says that given its fully-let and sold out status, this is another successful property delivered by the developers.

“Nedbank has a long-standing relationship with the developer and we are pleased to have been in a position to participate in this project from a funding perspective.”

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