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A DEVELOPER is to spend "in excess of" R5-million on upgrading and renovating, scheduled to get underway this month, a landmark building in Victoria Road. The owners are also seeking to install tenants from the construction industry.

According to Jacques Grové, director of development company Grove Group, Libri Lane Centre, on the corner of Libri Lane and Victoria Road, is to be re-named Libri Business Centre.

Apartments in the building will be converted into offices and a parking deck - with municipal approval.

'Create a node'
"We hope to create a node for building-related professionals like architects, town planners and engineers that is close to the municipality; a place where a client can come and get all the services he needs in relation to the building and development industry in one place," says Grové.

"We also hope to attract retail shops that will compliment the professional.

"We already have Dulux in the building and hope to draw other home improvement-related retailers."

Grové also said the project would contribute to "cleaning up and renewing the CBD" with the express aim of "accelerating the regeneration" of the Somerset West town centre.

The Libri Business Centre consists of more than 2 000 m² of lettable area. The ground floor retail component will consist of 13 shops ranging in size from 35 m² to 257 m² available to let with a total lettable area of almost 1 200 m²

Retail will be available from R90/m² and will be ready from October/November 2008. The balance of the space will be B grade office space.

Grové says the first and second floors will consist of 10 office suits on Victoria Street, all with private balconies.

"The office suits will also be ready for occupation in October 2008 and range from a gross lettable area of 56 m² to 109 m², but can be adjoined to create larger offices if needed," he says.

Office suits are available to let at under R60/m².

Plans for a 'tower block'
The building currently has two storeys above ground and will remain so "for the immediate future," says Grové. "We are however planning a Phase 2 of the development where we plan to build up to 2 000 m² of new A-grade space on Oak street, erecting a new tower block and additional parking."

As for the existing tenants of the building, Grové says: "We will accommodate the tenants where we can and those that want to stay, we will do our best to help them find a place in the new Libri Business Centre.

"Shops like Allied Arms and Dulux, that have become landmarks in the area, we fully intend to keep on in the centre and help them benefit from the improved surroundings and tenant mix."

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