Refurbishment of landmark Orion Towers completed

Johannesburg, South Africa, 1 February 2008: Orion Real Estate recently completed the refurbishment of the 90 apartments and 5 penthouses in the Orion Centre in Edenvale, east of Johannesburg. The refurbishment included the development of five luxury penthouses valued at R4million each.

The Orion Centre is situated at the confluence of two of Gauteng's busiest arterials – the R24 and N12 highways and it has become a familiar landmark with its enormous and attractive tower signage.

“As part of Orion Real Estate’s R50 million refurbishment of the property, we created an additional two floors for the building. The apartments sold out quickly to both occupiers and investment purchasers,” says Johan Coetzee, CEO: OFM Property Services.

The Orion towers' triple-storey penthouses are located on the 20th, 21st and 22nd floors and feature a lower level reception area with two bedrooms, a spectacular staircase opening into a double volume living area with an open plan kitchen and a spacious mezzanine executive master bedroom complete with a balcony overlooking the Sandton CBD and views as far as the hills surrounding Pretoria.

Coetzee says that the completion of the project was hampered by several significant delays that included the redesign of the penthouses to bring them up to a world class standard. "We also decided to upgrade the northern façade of the building with floor to ceiling windows, an unusual feature. This took quite a bit of time to install but the completed workmanship and the final effect are superb."

"During construction we also had to deal with a burst water valve on the 20th level. A brand new valve bought from a leading supplier and later tested by the CSIR, burst and created further delays. We are very pleased with what we have accomplished, the flats are superb and feature new kitchens, bathrooms and floors with state-of-the-art features."

"The Orion Centre is a quality redevelopment and no expense has been spared in its refurbishment. The flats are now completely sold out, as are two of the penthouses. We are currently lodging the transfer documents and occupancy is expected to take place soon."

“Orion continues growing and unlocking value in its property portfolio,” says Franz Gmeiner, CEO: Orion Real Estate. "In today’s market, sound properties in secondary locations offer higher yields than properties in central metropolitan locations. They also hold greater potential for unlocking value via upgrades and renovation programmes." Gmeiner added that ORE anticipates further growth in the near future with new acquisitions, joint ventures and potential black economic empowerment deals.