M&F to anchor new Westville complex

2008-01-09 00:00

Insurance giant Mutual & Federal recently signed on as anchor tenant of a development by MELKi at Durban’s Westway Office Park in Westville.

The development on Lot 3737 was the last available site in Westway and the prime space allowed MELKi to conclude the transaction with the blue chip tenant.

The deal followed negotiations with Thiru Govender, chief executive of MELKi, and development manager Kevin Goncalves, who finalised the signing of Mutual & Federal’s 10-year lease agreement. "With Mutual & Federal on board, Westway Office Park is proving to be an excellent investment for us. It was anticipated that the commercial property market would be negatively affected by the recent spate of interest rate hikes, leading to a slowdown in the demand for office space. Instead, there has been an increase in the demand for rentals and a scarcity of available A-grade space," said Govender.

"These impressive premises … provide us with a wonderful opportunity to consolidate our operations … ," said Gary Benton, spokesman for Mutual & Federal.

The move allows the company to consolidate its two regional offices in Durban and Pinetown under one roof.

Mutual & Federal will occupy 80% of the development at Westway, while the balance has been leased to British American Tobacco South Africa.

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