select
|

Randburg’s renewal bodes well for commercial property owners

Strategically well positioned to the north-west of Johannesburg, just 10 minutes from Sandton and easily accessible via main arterials such as the N1, Bram Fischer Drive, the M20, M9, M16, M5 and William Nicol Drive, Randburg is considered a priority area and important commercial node in the City of Johannesburg’s five-year Integrated Development Plan and Johannesburg 2040 Strategy.


JHI Properties has concluded a lease on behalf of a call centre operation in Bridge on Bond, with currently only 1000sqm of office space remaining available to rent.
 
Randburg comprises over 32 predominantly upper income residential suburbs and includes a wide variety of retail nodes and shopping malls, a light industrial area and a CBD – the latter which experienced economic decline in the past as businesses relocated to new business and retail developments in areas like Cresta and Sandton, says Ross Hunter, leasing consultant for JHI Properties.
 
“However, with municipal initiatives and interventions in terms of the renewal and upgrading of infrastructure and high intensity mixed-use developments, Randburg is expected to attract both new and former private investors. Improvements to traffic flow as well as the new Gautrain bus route and incorporation of the Randburg CBD into the Bus Rapid Transit system have further improved access to the area,” he says.
 
“Coupled with this, the Randburg Management District, which is a legislated City Improvement District, plays an important role in improving the node’s character through the provision of services which are supplementary and complementary to those provided by the municipality.”
 
Hunter says as a result of such regeneration and improvement initiatives, Randburg presents an opportunity for both landlords and tenants, particularly companies that work closely with government departments such as the Magistrate’s Court, Department of Home Affairs, City of Johannesburg Municipal Office and SARS. In addition to these government operations other major tenants in the area include the likes of Sasol, Multichoice and Innovation Group.
 
“For office tenants rentals in Randburg are very competitive, in the region of R50 to R70 per square metre – with B Grade buildings generally between R60 and R70 per square metre and rentals below R60 per square metre being C Grade. Parking is generally available in the region of R350 per open parking bay and R450 for basement parking,” he adds.
 
“Positively, we are already seeing renewed interest in Randburg – for example, in there has been an influx of colleges to the area, mainly due to the availability of public transport in and around the area, a factor which also provides high appeal for employers with a high staff complement, such as call centres,” says Hunter, who has just concluded a lease in the area for KSS Cellular, which has taken up 1000sqm of space in the well-maintained Bridge on Bond, just outside the Ferndale area.
 
Currently a further 1000sqm of office space in Bridge on Bond is currently available to through JHI Properties. Comprising ground floor retail and first floor office space, the property straddles Bond Street with an enclosed bridge connecting the premises, creating an ideal signage opportunity with high exposure for the tenant. The asking rental is R65 per square metre (excluding VAT).


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
        
    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