select
|

Long term growth as an executive hub predicted for Rosebank

There are small pockets of sound residential property investment opportunities available in key Johannesburg areas that are being underpinned by the development of commercial nodes. This is according to Chris Renecle, MD of Renprop, who says that Bryanston and Rosebank fall into these categories.
 
In fact, Renecle predicts a continued strong demand for residential apartments in the Rosebank precinct for the next five years, despite the depressed economy. He bases his view on the commercial development recently undertaken and currently taking place in the greater Rosebank area.
 
He says that Rosebank’s commercial zone has expanded by 173 167m2, of which 56 505m2 was completed in the past 12 months and 116 662m2 is currently still under construction. This excludes the Standard Bank building which measures around 67 500m2 and further phases of Galleria which are planned, which would add at least another 40 000m2 to the precinct’s commercial space.
 
Renecle says this level of commercial development means a continued influx of executives into the area for work in the foreseeable future. Renecle pegs this at around 11 500 more people working in the Rosebank precinct by the end of 2019. “This will continue to spur the demand for upmarket executive accommodation as more and more people rely on public transport such as the Gautrain and therefore want to live closer to their place of work for time saving, economic and environmental reasons,” he says.
 
In anticipation for the long-term continued demand for executive apartments in Rosebank, Renprop has launched three apartment blocks in the area over the past four years, which will bring over 500 residential units to market by 2018. The first, The Vantage which was undertaken in partnership with Grapnel Property Group, gave investors more than 20% appreciation on average in just over a year which gave a strong indication of the level of pent-up demand that existed in the area as no new residential developments had taken place in the Rosebank CBD area for 50 years prior to its launch.
 
On the back of the success of The Vantage, and based on the high level of demand for sectional title executive apartments in the area, Renprop launched The Tyrwhitt in 2015, also in partnership with Grapnel Property Group. Construction has commenced on the 12-storey building that has a limited number of one- and two-bedroom units still available for investment. “In fact,” says Renecle, “The Tyrwhitt currently offers the best apartment price per square metre currently in Rosebank, with apartments priced at around R35 000/square metre.”
 
Renprop launched its third development in Rosebank, The Median, earlier this year. Situated opposite The Zone @ Rosebank, this development offers one-, two- and three-bedroom apartments as well as a selection of penthouses spread over 14 floors.
 
Apartments at these developments range in size from 48m2 to 280m2.
 
Speaking about the rental demand in the area, Renecle notes that the demand for both short and long stay leases as well as furnished and unfurnished apartments is currently outstripping supply. “Rosebank residential accommodation offers less expensive rental options than Sandton without comprising on quality,” he says.
 
Renecle notes that to date, around 95% of Renprop’s apartment sales in Rosebank have been to investors who are looking to capitalise on the promising growth potential and rental returns that Rosebank has to offer. “The fact that the area offers a village-like appeal with tree-lined, pedestrian-friendly streets, roaming 24-hour security and a host of amenities adds to its appeal.”
 
All three of the Renprop developments are within a couple of hundred metres of the Gautrain station and the Rosebank CBD, while the Sandton CBD is within easy reach via the Gautrain and Johannesburg’s major road networks are also easily accessible.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Feb 2018
      While every owner wants to sell their property at the best possible price, overpricing a home can be the kiss of death for a sale.
    • 21 Feb 2018
      Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
    • 21 Feb 2018
      The real estate mantra, ‘location, location, location’ remains a strong market influence regardless of the prevailing economy, with suburbs like Rondebosch enjoying the buffering benefit of being ideally situated.
    • 21 Feb 2018
      These days most buyers are using online property portals like Private Property when house hunting due to the convenience, up to date information and variety on offer. “The property portals have revolutionised the way buyers shop, but they do need to be cautious – viewing photos online is no replacement for viewing the property in person,” says Bruce Swain, CEO of Leapfrog Property Group.
    • 20 Feb 2018
      Owning a home is a milestone that most South Africans aspire to. Becoming a homeowner is a step towards growing personal wealth and owning an asset that appreciates in value over time, provided of course that the correct principles are applied during the buying stage of the process, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Feb 2018
      The suburb of Greenstone in Johannesburg east came to be over the last two decades. “In the beginning, it was literally just a hill with not so much as a shopping centre,” says Michael Levy, Property Consultant at Jawitz Properties Bedfordview. Today it has plenty shopping facilities and is fully built, boasting high-density, upmarket housing and residential estates, though still has a few pockets poised for commercial development.
    • 20 Feb 2018
      A major shift in the ageing paradigm has precipitated an equally dramatic transformation in the retirement sector, with modern accommodation options worlds away from the conventional model.
    • 19 Feb 2018
      Possibly one of the biggest sources of contention between landlords and tenants surrounds the rental deposit. “Most tenants rely on getting their rental deposits back when moving, so that they can use it to pay a deposit on their new home. Having it withheld or even having large amounts deducted can lead to a lot of distress,” explains Bruce Swain, CEO of Leapfrog Property Group.
        
    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