By Bontle Moeng
AFFIRMING Johannesburg as a vibrant, dynamic and well-managed city, Standard Bank this week announced it will spend R197-million on renovating its headquarters in the city centre.
"The bank has been an integral part of Johannesburg for 117 years and it remains committed to the city," Standard Bank CEO, Jacko Maree, said on Wednesday announcing renovation plans to the bank's Simmonds Street headquarters.
The project is aimed at consolidating the bank's headquarters into four buildings: at 5, 6 and 3 Simmonds Street and 25 Sauer Street. The Sauer Street building will be linked to 5 Simmonds Street by a skywalk.
Renovations will start in March next year and will take about six months to complete.
Parks Tau, councillor responsible for Finance, Strategy and Economic Development in the city welcomed the Standard Bank announcement, describing it as "a vote of confidence in the city by big business. It is yet another indication that crime and grime in the inner city are on a retreat and businesses are coming back".
The occupancy level in the inner city has increased steadily from 75% in 2000 to the present 78%, Tau said.
Maree said the bank will lease 25 Sauer Street and upgrade it at a cost of R97-million to conform to the bank's corporate functional requirements. It would accommodate 1 200 staff members, with 658 parking bays being provided.
A further R58-million is to be spent on an uninterrupted power supply facility and R42-million on building a staff-parking garage next to 3 Simmonds Street.
Currently, the 10 000 head office staff members are spread out in different buildings throughout the city centre. "Having head office staff scattered throughout the city does not make good business sense," Maree said.
"Johannesburg is an exciting, vibrant, dynamic and well-managed city that has weathered many storms and keeps going from strength to strength," the bank CEO added.
The Standard Bank announcement will help revive the inner city, Maree added. In making the decision to plough in such an investment, factors like improved security and transport and the general revitalisation of the CBD had been taken into account.
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