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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.


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