Investec Property Fund (IPF) recently unveiled the newly revamped The Firs precinct, which offers an enhanced live-work-dine lifestyle experience in Rosebank, Johannesburg.
“The refurbishment gave us an opportunity to create a reimagined space that could serve our visitors as an indoor and outdoor experience akin to European cafe culture,” said Darryl Mayers, joint CEO of Investec Property Fund.
Mayers said The Firs has always been seen as a premier destination for local customers, international travellers and businesspeople. The Firs is one of the current projects that form part of IPF’s response to consumer demand for reimagined shopping experiences that exceed their expectations.
Investec Property Fund is a JSE-listed real estate investment trust (Reit) with a R22.1bn investment portfolio of direct and indirect property assets in SA and Europe. Data from the recent MSCI SA Quarterly Retail Trading Density index showed a 21.1% year-on-year growth in annualised trading density.
The fund views space as a canvas for human experience, enabling collaboration, connection and interaction that can be imagined and/or reimagined to align with consumer and retailer needs.
With the Covid-19 pandemic receding and shoppers back at the malls, landlords wanting to capitalise on this growth must tap into the experience economy that visitors crave and value the most, said Mayers.
The Firs, which is almost fully let, continues to experience demand from bespoke retailers. It offers 4,000m² of retail space and more than 8,000m² of A-grade offices. For more than 30 years, it has been home to the owner-managed iconic The Grillhouse.
Mayers said one of the most visible results of the revamp was opening up the imposing ’70s style hexagonal concrete structure with its double glass facades. This has created a feeling of connection with the surrounding community along the pedestrianised Biermann and Cradock avenues while prioritising safety.
The revamp resulted in the creation of a green public space in the form of a large piazza, as well as a direct entrance to the mall from the mezzanine parking.
Mayers said with space-as-service becoming a prominent feature in offices, Investec Property Fund redesigned the reception area, resulting in a triple-volume lobby with collaborative seating areas and an outdoor patio.
Office users can host meetings and events in the lobby or can use this as additional workspace.
“The upgrade has created an environment that is carefully curated with a niched mix of retailers and restaurants, that also incorporates a workspace, to become a mixed-use, destination-driven Rosebank precinct,” said Mayers.
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