Canal Walk since 1995 and , as one of the first appointed professionals , were instrumental in assisting Monex to assemble the right team of consultants .
Once the team was in place , the planning and design stage started in early 1997 , and over the following two years no less than 11 schemes , each with numerous options , were developed , costed and tested for their financial viability until the optimum development solution was reached .
With the finance secured in March 1998 , MLC ’ s next challenge was to select the right contractors and subcontractors for the job . This was achieved through a process of tendering or negotiating , depending on the nature of the works , and eventually some 220 contracts were placed , totalling R900 million .
The financial management of such a large number of contracts required substantial manpower , and to this end , two MLC directors together with a team of 11 quantity surveyors and support staff were dedicated to the task . A satellite office was also established on site , from which day to day site activities were monitored .
Over and above the monthly detailed cost report / viability update tabled to the client and financiers , the fast track nature of the job , together with the continuing design development , also necessitated a weekly budget update report , which provided the client with the information needed in order to make informed decisions .
MLC ’ s other major task was the financial management of some 520 tenants and their associated fit-out requirements . This involved setting up the tenant manuals , preparing budgets for specific tenant requirements , advising on lease agreements , calculating leasing fees , costing all tenant variations and finally calculating each individual tenant rentable area , together with agreeing the tenant accounts . The monthly cost report also contained a leasing schedule , which provided up to date information on the gross rentable area , leasing status , projected income , operating expenses and first year ’ s return .
Canal Walk was an exhilarating project , a major challenge and a monumental team effort for MLC . They felt privileged to have contributed to this challenging project .
Below : Dome at outer node , adjacent to one of the office suites with 8 storey office blocks in the background
Canal Walk 29