R41,4 million investment in Kramerville Corner redevelopment
Emira is investing a combined R41,4 million in the redevelopment, refurbishment and conversion of two of its existing B-grade office buildings in Kramerville, Sandton, into quality retail showroom premises.
The redevelopment of Sandgate Park and CRB House – which will be collectively known as Kramerville Corner – is already underway. It is attracting prominent names in the design and décor industry who are not currently represented in the Kramerville node.
Together these two buildings will grow to around 18,500m2. Both buildings are receiving new shopfronts, walkways and entrance features in line with the rejuvenation that has become a feature of Kramerville. Emira has secured Bakos Brothers on a five-year lease for a brand new two-level showroom in one of the buildings.
Emira’s investment enhances a long-term asset for the fund and boosts its retail exposure in this prime location. The Kramerville Corner redevelopment, which is anticipated to be complete in February 2016, will significantly increase the buildings’ retail and showroom space and reduce office space to 14% of gross lettable area.
James Templeton, CEO of Emira Property Fund, comments: “The improvements and changes to Kramerville Corner will support its strong market position and ensure it remains competitive in the marketplace and attractive to businesses.”