Diversified real estate investment trust (Reit) Fairvest has completed an aesthetic refurbishment of the landmark offices at 220 Madiba street, in central Pretoria.

Fairvest says the upgrade of 2Twenty Madiba, as the building has been renamed, combines heritage with modernity, securing its future relevance, appeal and competitiveness in an up-and-coming city node.

The 12 000 m² building was formerly advocates’ chambers and remains an “ideal” position for attorneys, advocates, legal firms and paralegal professionals as tenants, with its prime location opposite the Gauteng High Court, the Reit notes.

In addition, 2Twenty Madiba is in a well-established government node that is central to all national and municipal government offices and is proximate to the many colleges in the area.

The refurbished property features a secure, triple-volume reception area that welcomes tenants and guests to the 15-storey building.

Each floor spans 730 m² with cellular offices that have views across the city.

2Twenty Madiba also offers a ground-floor coffee shop which includes social alfresco seating around a water feature.

Fairvest COO Alon Kirkel says 2Twenty Madiba is a “great address” in a well-established neighbourhood and boasts over 400 parking bays, making it “ideal” for a government tenant.

“Post-refurbishment, the offices are attracting good levels of interest and enquiries from potential tenants. It already enjoys a sizeable tenancy with Liberty and houses a co-working and shared offices tenant. We expect it to continue to draw new tenants,” he says.

The appeal of the building is enhanced by what Fairvest says are “competitive” rentals and “generous” parking ratios, making it suitable for people-intensive businesses, such as business process outsourcing call centres and government enterprise.

The building is opposite a Pick n Pay grocery store, close to accommodation and serviced by various public transport services, including the Gautrain at Pretoria station; Tshwane Bus; Gautrain Bus; and minibus taxis. It is also close to nearby hotels that are geared for business travellers.

In addition, Fairvest says the surrounding neighbourhood is seeing an upsurge in development and popularity, with investments and improvements rejuvenating the area and making it a “safe and increasingly attractive” node.

Fairvest is focused on creating long-term shareholder value with its diversified portfolio of 140-plus retail, office and industrial properties valued at R12.1-billion and indirectly-held South African Reit investments of R3.4-billion.

Offices account for 38 of its properties – about a quarter of Fairvest’s directly held portfolio by both value and area. In line with market trends in a challenging business environment, its office vacancies decreased to 13% at its September 30, 2022, financial year-end.

“When Fairvest merged with Arrowhead, we took the opportunity presented by the vacancy to refresh the property because we are confident in the future of this asset and the area.

“The investment in 2Twenty Madiba will help to close the vacancy gap and contribute to buoying central Pretoria,” concludes Kirkel.