BusinessTech: A look at Rosebank’s massive R7 billion face-lift
Rosebank, in the northern suburbs of Johannesburg, is undergoing a major face-lift that started several years ago, with the aim of creating a high-end retail, and shopping district.
Rosebank has been identified as one of the 35 priority development areas in greater Johannesburg, with a focus to be placed on improving service delivery and infrastructure.
Construction is already underway, with the Rosebank Towers – developed by Redefine Properties – and the Rosebank Firestation already in progress, and additional work to be done on the Rosebank Galleria and The Mews.
According to FNB property strategist John Loos, areas in South Africa like Sandton and Rosebank are going against the grain of tough economic times with their development schedules.
Chris Renecle, MD of Renprop, said if you include all development projects – adding the R2.7 billion Standard Bank office which has also been completed – Rosebank has seen a R7 billion injection.
Rosebank Towers and The Mews
Redefine Properties said that it is turning over R2 billion a year in developments, with the Rosebank Towers 80% let. Next on the cards is the Rosebank Mews which, opposite the Gautrain station, serves as a prime location for the offices it plans to develop.
Redefine told BusinessTech it was not ready to discuss its future developments as yet, specifically the Mews, but the group’s 2015 financial report showed that the Towers cost R300 million to develop.
The galleria is a planned project that makes up part of the R600 million mixed-use upgrade and development plan for Rosebank. The concept has changed from its initial planning stages, but will still be a development of about 90,000m² incorporating offices, retail, a hotel, serviced apartments and residential apartments.
Rosebank Fire Station
The Rosebank Fire Station is one of the oldest buildings in Rosebank, and is currently undergoing a transformation into a more useful space. The original building will stay in place, with add-on construction turning it into an office block.
The Tyrwhitt and The Median
Two other developments from RenProp are the 200-apartment Tyrwhitt, which is currently under construction, and The Median apartment block, which will offer 14 floors of one-, two- and three-bedroom apartments as well as a selection of penthouses.
The new developments will add to the face-lift developments that have already been completed in Rosebank, including the upgrade of the Rosebank mall, and The Vantage apartment block, which opened in 2014.
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