select
|

Landmark Sandton property transaction with ABSA Capital

National property developer FWJK Developments has secured the rights to develop a new 70 000m2 sectional title P-Grade office skyscraper in the Sandton CDB to the tune of R2bn according to Rhys Rocke, regional director of FWJK.


 
The project dubbed ‘Northern Lights’ will see four 38 level towers feature on the Sandton skyline.  The new development is located in the exclusive banking node at the intersection of Fredman Drive and Rivonia Road and is situated between the Maslow Hotel and the Hilton Hotel.  Road upgrades planned to service the development will see a six lane extension of Fredman Drive constructed as part of the new mid-block road due to join Grayston Drive.  The top two floors will enjoy residential penthouse suites.
 
Rocke went on say that the FWJK Co-development at cost methodology has taken the Gauteng market by storm.  “Following the success of our R500mil Illovo Point development on Rivonia Road currently under construction, we have office end-users and investors lining up to secure space at cost which is roughly 20% to 30% below current market selling prices. Our investment model allows end-users and investors to purchase sectional title property at cost price and proved irresistible in over thirty previous co-development projects initiated by FWJK.”
 
Matthew Marvin, the director of Anvil Property Smith a Sandton real estate brokerage explains that the Sandton Central District continues to attract around twenty five new office tenant entrants each month adding to the estimated 10 000 established business in Africa’s richest square mile.  “It is the opulence and fast-paced urban lifestyle with every amenity at hand that continues to attract and retain business in this node.  Growth and reinvestment in road and service infrastructure combined with strong demand let allow Sandton to keep a firm grip on its long-standing dominance.”
 
Construction of Northern Lights is due to commence in the first quarter of 2018.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    • 18 Jan 2018
      New year, new goals! If you’ve resolved to purchase your first property in 2018, then this 6-step guide from the Rawson Property Group is a must-read. It will help you navigate and simplify what is often be seen as a confusing process of buying your first home – right from the house-hunt to the house-warming.
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK