History of 5th Avenue Properties

5^th AvenueProperties was established in 1988 by Dave van der Walt and two partners. The scope of the business encompassed commercial/industrial sale and leasing, residential sale and leasing as well as property development and at a later stage, property management.

In 1997 the residential division was closed and the decision taken to focus purely on the commercial and industrial field. A number of developments were completed by 5^th Avenue in the 1990’s, including the head offices for Microsoft South Africa, J Walter Thompson, The Jupiter Drawing Room, BOE Bank, and MacSteel. In all instances 5^th Avenue maintained an equity stake in the developments.

The property management division was sold in 1999 as it proved difficult to attain the required critical mass to ensure profitability. Throughout this period the company maintained a strong presence in the commercial and industrial property broking sector, primarily representing landlords.

The company was sold to Fusion Capital in 2000, a Johannesburg Stock Exchange (JSE) listed entity that were looking to establish themselves in the property market. The primary reason for the sale of 5^th Avenue was to access funds for acquisitions and developments. The brand name, 5^th Avenue, was retained and during this period, 5^th Avenue was run as a wholly owned subsidiary Fusion.

In 2003, the management team acquired 5^th Avenue as part of a management buyout, this coincided with the de-listing of Fusion, and the emigration of Dave Vd Walt to Australia.

The business was one once again focussed purely on property with a structured finance division, legal department, property development (Cornerstone Properties), property management (Ovland) and a commercial and industrial broking division.

The company  continued to be successful, concluding new developments for US Aid in Pretoria, The South African Weather Service, a new head office for the South African Auditor General, Hillcrest Office Park, Hillcrest Shopping Centre and Sediba Mall.

In 2005, Anthony Green and Steve Burnett acquired 50% of the property broking division. Steve had been with 5^th Avenue since 1993 and Anthony since 1996. In 2006 we acquired the balance of the property broking division and brought in two new partners, Gordon Dawson who had joined 5^th Ave in 2002 with 7 years property experience and Peter Aaronson joining in 2003 with 15 prior years in the property industry. The four of us remain partners of the business.

The business today comprises four divisions: Commercial Office Broking, managed by Peter Aaronson with six brokers; Industrial Broking, managed by Anthony Green with seven brokers; Investment Sales, managed by Gordon Dawson with three brokers; and finally, 5^th Advisory with three brokers. Steve Burnett as managing director oversees the entire business.

Over the past couple of years we have concluded leasing transactions with amongst others, The Bank of China, Wrigley’s, The Mars Corporation, Khune Nagel, Atos, LG Electronics, DB Thermal, Justine Avon, Vodacom/Vodafone, Manuchar and Komatsu.

5^th Avenue remains one of the premier property broking companies in South Africa and continues to provide real and dynamic property solutions to a diversified client base.