Propertuity buys Hallmark Towers & Access City
The conclusion of two of the biggest inner city property deals in over 10 years sees Propertuity expand their growing portfolio in Joburg’s eastern CBD
Propertuity, the development company behind the increasingly renowned Maboneng Precinct, have recently expanded their footprint in Johannesburg’s Eastern CBD with two of the most significant property purchases in the city in the last decade with the purchases of Hallmark Towers & Access City.
The buildings have a collective square meterage of 75 000 SQM and are located just North of the developed nodes of the Maboneng Precinct, playing a significant role in connecting Maboneng to other upgraded areas on the East side of the city. In addition, both have architectural and historical significance in the Johannesburg CBD.
Hallmark Towers, initially 4 smaller properties was consolidated into the 17 story building it is today in 1970. Originally designed by Greg Cohen and constructed to accommodate the needs of the growing diamond polishing industry. The building was designed to be flexible and modular so as to be versatile enough to provide light industrial, showroom and office space. The building is designed around a service core with a multitude of concrete and glass and, as such, the design remains modern and relevant today.
Originally the headquarters of the Edcon Group, Access City has changed hands a number of times in the past 2 decades. Propertuity have now completed the acquisition of Access City pending transfer.
“Hallmark Towers and Access City represent two of the largest buildings on the East side of Johannesburg CBD and, in the case of Access City, one of the largest multi-tenanted industrial buildings in the Southern Hemisphere”, says Founder and CEO of Propertuity Jonathan Liebmann. “These 2 acquisitions will become icons of the Joburg city skyline. Their cumulative size of 75000 Sqm will provide a huge base in which Maboneng can grow significantly north towards our important neighbors at Ellis park and UJ. Both buildings will be key contributors to the recently legislated New Doornfontein CID which will ensure that the previously degenerated area will become clean, safe and well managed”.
Funded in partnership with Nedbank Corporate Property Finance, the acquisitions highlight Nedbank’s commitment to inner city regeneration in Johannesburg. Ken Reynolds, Nedbank Corporate Property Finance regional executive for Gauteng says that Nedbank is proud to be associated with Propertuity and the work it is doing to regenerate Johannesburg’s inner city. “The funding we have provided to the project illustrates our commitment to the regeneration of South Africa’s urban environments, which we believe Propertuity has achieved admirably through its Maboneng Precinct and we have no doubt that these two properties will add value to the precinct.”
The financial support from Nedbank further cements the relationship between Nedbank and Propertuity started in September 2012.