Total GLA – 30,226 m2
KPMG Crescent (Gauteng) – 20,096 m2
KPMG Wanooka Place (Gauteng) – 6,762 m2
KPMG Polokwane (Limpopo) – 1,484 m2
KPMG Port Elizabeth (Eastern Cape) – 1,054 m2
KPMG Sekunda (Mpumalanga) – 830 m2
Accelerate acquired the KPMG portfolio in mid-2015. This portfolio consists of 6 A-grade office properties located around the country, including KPMG’s head office situated in Wanooka Place, Johannesburg. The acquisition represents the implementation of one of our operational goals in investing in quality property assets. The portfolio has a high-quality nature due to following salient features:
- Exposure to a high quality A-Grade office portfolio;
- The existence of a long-term lease with a strong tenant in a defensive business;
- The 15-year tenure of the lease;
- There being no vacancies in the KPMG Properties for the full 15-year period; and
- Favourable contractual lease escalations of 8% for the first 12 years from the Effective Date.
The transaction has thus added a considerable amount of value to Accelerate’s value proposition.
Wanooka Place, a South African World Heritage site, is an iconic building included in the KPMG portfolio. It forms part of the “mansions of Parktown” an important part of the history of Johannesburg. These mansions were the homes of the Randlords, accountants, military personnel and other influential residents of early Johannesburg, dating as early as the 1890s. Wanooka Place was constructed in 1902 and has had a strong association over the years with engineers and general managers of the South African Railways and Harbours (SAR & H). But it is accountants and auditors who have given the house a new breath of life.
Along with the restoration of this iconic building, KPMG undertook a re-vamp of their Head-Office (built in 1970s). The renovation has seen its building boast great ergonomic contemporary design to classic Victorian architecture given its close proximity to Wanooka Place. KPMG in South Africa has applied for Greenstar ratings for the Wanooka Place and Polokwane buildings. The Wanooka building implemented a heat exchange system, re-used materials salvaged from the demolition, and incorporated local sandstone in the facade.