Co-owned by Liberty Holdings and Pareto, the upgrade will be managed by Liberty Properties. The Sandton City Office Tower has been a focal point in Sandton from its location on 5th Street since it opened for business in 1973. Visible from vantage points across the greater Johannesburg area, the 22-storey high-rise is one of the most recognisable landmark buildings in the Sandton node.
Graham Kusano, divisional director: property development, Liberty Properties comments, "During its 40 year tenure, the building has undergone routine maintenance and safety checks. The building remains structurally sound but, given the age of the building, routine restorative and preventative maintenance needs to be undertaken." Two independent firms of structural engineers completed recent audits of the building to assist in developing the programme.
Kusano says a decision to launch a simultaneous aesthetics and security upgrade of the building coincides with the maintenance works. He adds that the exterior of the building will be revived in line with current development in the broader Sandton complex. "Existing tenants are fully apprised of the situation and can rest assure that all occupational, health and safety regulations will be adhered to at all times during the course of the project."
Amelia Beattie, chief investment officer, Stanlib Direct Property Investments, the asset manager on behalf of Liberty and Marius Muller, chief executive of Pareto Limited issued a joint statement. "The investment is in line with both company's strategy to ensure the properties are kept well-maintained and pertinent to their surroundings and coincides with the current multi-million rand rejuvenation of the Sandton Twin Towers complex to create the prestigious Atrium on 5th commercial development. As co-owners, we are proud to be working on another project which will enhance the value of the property and, over time, the refurbishment will make the building more appealing to tenants."
