Commercial property giant targets change in working patterns in SA
JSE-listed REIT Growthpoint Properties aims to benefit from the changing office arrangements and work environments in South Africa by offering ‘co-working’ spaces.
“Thanks to their cost-efficiency, flexibility, and often inspiring environments, co-working spaces are attracting a growing user base from businesses big and small, locally and globally,” the group said in a statement on Thursday (16 February).
Growthpoint Properties said it aims to meet the working needs of modern businesses, professionals and entrepreneurs by partnering with local co-working space company OPEN in a 50/50 joint venture.
“Co-working spaces solve the need for space for meetings, working at a desk, audio-visual needs, and coffee and food for a more mobile business generation, while away from a head office,” Growthpoint Properties said.
The joint venture’s first new co-working space will open in Sandton Central in July at Growthpoint’s 138 West Street office building, across the road from Sandton Gautrain Station.
Growthpoint owns and manages 526 properties, including 467 in South Africa, 58 in Australia through its investment in Australian Stock Exchange listed Growthpoint Properties Australia and a 50% interest in the properties at V&A Waterfront, Cape Town.
Growthpoint also has a 26.9% stake in London Stock Exchange Alternative Investment Market listed Globalworth Real Estate Investment Limited, the largest owner of office space in Romania.
OPEN has two existing co-working spaces – OPEN Maboneng in Johannesburg and Workshop17 at V&A Waterfront in Cape Town – which have redefined workspaces as flexible, multifunctional places for working, connecting, developing and creating.
Mark Seftel, co-founder of OPEN, said: “What was a novel idea five years ago is now becoming mainstream. Even at 1% of the office property pie there is significant growth opportunity in South Africa.”
The eight – or more if demand is robust – new co-working locations planned for the next three years will each have a coffee bar with public access, meeting and seminar facilities, member areas with hot desking, dedicated desk and team spaces, and dedicated serviced offices.
Each co-workspace will be around 2,000sqm and feature superb connectivity and technology with all the office fundamentals in place for a plug-and-play environment that provides full functionality for optimal productivity.
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