Huge growth anticipated for Rivonia apartment market

With its ideal positioning close to the Sandton CBD, a range of amenities and easy access to Johannesburg’s major highways and byways as well as public transport nodes, there is unprecedented demand for residential units in the suburb of Rivonia.

This is according to Renprop Residential, who, following on from the success of their previous two apartment developments in the area - The Link and The Cube - are set to break ground on a new apartment block to be called The Courtyards. With units priced from the mid R900 000s, The Courtyards will comprise 178 sectional title apartments in a four-storey apartment building.

3D Perspective of The Courtyards' exterior

Regarded as one of the wealthiest residential and business suburbs of Johannesburg, Rivonia offers a range of shopping complexes as well as many other amenities. Upgrades to various commercial buildings have recently taken place in the area, and the demand for residential apartments is steadily growing.

Chris Renecle, MD of Renprop, says: “Rivonia is set to become northern Johannesburg’s new high density node, as the western side of this suburb has been earmarked for high density development, according to the area’s Regional Spatial Development Framework.”

One of the driving factors for all this development is the insatiable demand for rental units in the Rivonia precinct from both corporates and individuals, as reported by Renprop’s Rental Division. “This means that rentals in the area are receiving above average returns and are proving to be a sound investment option for many buyers,” says Renecle.

Renecle points out that there has been real inflation in building prices in the residential sector, which he anticipates will spin off to more price increases in residential property in the near future. “Everyone is aware that buying sectional title properties off-plan at the launch offers the most opportunity for solid capital growth during the 12-18 months whileconstruction takes place. With price hikes on the cards for residential property, buying off plan makes even more sense. Added to this, Renprop acquired the land they hold in Rivonia early on, which means that they can offer better pricing on the apartment units they develop.”

Measuring between 40m2 and 90m2, the apartments at The Courtyards have been designed in a modern, contemporary style and are available in various configurations: one bedroom, one bathroom; two bedrooms, one bathroom and two bedrooms, two bathrooms.

“The apartments at The Courtyards have been planned with young professionals in mind and include upmarket finishes,” says Russel Peach, Renprop Residential Projects Sales Manager. “The development is well positioned on the corners of 7th and Rivonia Roads and is within walking distance to shops, gyms and the Gautrain bus route.”

Peach notes that the outside areas have been designed for low maintenance with hard landscaping elements, and says The Courtyards will offer apartment-style living with basement parking. Communal facilities will include a clubhouse and swimming pool. Occupation is anticipated for November 2015.

Renecle anticipates more than 2 000 apartments will be developed in this node over the next three to five years. “Renprop has acquired land in Rivonia on which many more units will be accommodated. Within the next three months, Renprop Residential Projects Division will launch another 80 units within this node. In addition, Renprop, together with its development partners Vlaming and Devcon, will be developing three new sectional title apartment buildings in the northern Johannesburg region in the next few years.”

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