Announcing the project, Liberty Holdings and Pareto, stated that as the renovations will be extensive, a relocation plan has been agreed with several existing tenants. The complex will be renamed Atrium on 5th.
Giles Pendleton, MD of Developments at Liberty Properties says, "The time is right to give this grand old dame of Sandton a contemporary new look. The building is a prime asset in its owner's property portfolios (Liberty 75% and Pareto 25%) and, as the development managers, we are proud to once again be involved in redefining the Sandton skyline."
External improvements will include a refreshed façade, making it one of the most eye catching buildings in Sandton. A glass atrium will centrally link the two structures from top to bottom, creating a statement feature that will do much to refresh the look of this property. Other enhancements include a redesigned lobby and lift area that will incorporate glass and marble finishes as well as a green living wall.
Pendleton comments that it is the company's intention to revive the complex into a premier space, with much attention paid to sustainability. Its vision is to create the first 4-star green rated commercial building in its portfolio.
"From a leasing perspective, we are targeting the high end local and international corporate market. We envisage key businesses securing whole floors at a time," concluded Pendleton.
Speaking on behalf of Liberty Holdings, Amelia Beattie, chief investment officer for STANLIB's Direct Property Investments Franchise (the asset management arm that manages the property portfolio) says the company is pleased to be continuing its investment in the prime Sandton Central node.
"This property forms part of a broader Sandton complex that includes the Sandton Convention Centre, Sandton City, Nelson Mandela Square, Sandton Sun and the InterContinental Sandton Towers and the redevelopment will once again make the building relevant in its location."
Marius Muller, CEO of Pareto added that the significance of the building could not be underestimated, particularly with regard to its location within the Sandton CBD and its proximity to the Gautrain. "This major investment is in line with both our strategies to ensure our property portfolios are kept well maintained and pertinent to their surroundings."
