The Civil Engineering Contractor September 2018 | Page 19

ON SITE
The tight 3 800m 2 footprint
didn’t leave much space
for the various teams.
private investors were enabled to
subscribe 25% of the total cost
of development, at cost price. The
balance of 75% of the capital was
bonded by banking group Absa.
“FWJK’s Co-Development at Cost
methodology is a unique intellectual
property which enables investors
the ability to acquire retail, office,
and residential space at cost, which
will be approximately 30% below
market values,” says Van Jaarsveld.
FWJK’s Co-Development at
Cost methodology is an attractive
option for investors as compared
to conventional profit-driven
development
methodologies.
Investors can achieve higher returns
due to the margin created between
the cost price and current market
price at the time of transaction, on
top of the forecasted escalations
in the market price over the
construction period.
The exponential growth of the
Illovo node is due to its equidistant
proximity to Sandton and Rosebank
and to interlinking Gautrain bus
routes. FWJK was looking to
complement its sold-out Illovo
Point development currently under
construction with another addition
to the Illovo skyline that enjoys
the highest elevation in the greater
Sandton area.
Designed by FWJK Architecture,
Illovo Central is focused on design
and operational efficiency in
conjunction with aesthetic appeal
in keeping with the architectural
vernacular already established
in the node. The building will be
constructed using the latest materials
and building techniques that meet
the high environmental standards
set by Illovo Point. The latter offers
environmentally friendly building
materials, as well as highly efficient
energy- and water-saving ‘green’
features to greatly reduce operating
costs.
Scope of work
The overall project consists of
bulk earthworks, lateral support,
concrete structure, glazed façade,
and upmarket finishes. “The
total built area of 42 000m 2 will
require 15 000m 3 of concrete
and the rebar of 7 000 tonnes to
complete the structure,” says Fanie
Stadler, contracts director for main
contractor, Concor.
CEC September 2018 - 17