As Rosebank is predominantly an office node, there is very little residential space available. The commercial office node in Rosebank is expected to expand over the next five years with continued commercial development, which Chris Renencle, MD of Renprop, says is a strong indicator that the already high demand for residential property in the vicinity will continue to rise.
With very little develop-able land available for residential projects, there has been a spike in rental demand for the limited number of newly developed apartments that are available. Renecle says that the demand has predominantly been from executives working in the area who wish to live closer to their place of work to avoid the increasing Gauteng traffic issues, as well as corporates situated in and around the Rosebank precinct who wish to secure apartment space for their out-of-town executives.
To cater to the high demand for apartments to rent in the Rosebank area, a number of apartment owners at The Vantage, Renprop’s first apartment development in the precinct, have decided to make their units available for corporate rentals through Renprop’s Rental Asset Management Division.
Renecle says that in excess of 100 apartments will become available for corporates looking for medium to long term lease options from May this year. “Fully serviced, these apartments will offer executives convenience coupled with an ideal location close to an array of amenities, the Sandton CBD and other key nodes via the Gautrain and of course the corporate hub of Rosebank, all of which are within walking distance along tree-lined pedestrian walkways.”
Situated on the corner of Bath and Tyrwhitt Avenues in the heart of Rosebank, the 10-storey Vantage apartment building houses a variety of apartment configurations from one-bedroom, one-bathroom units to three-bedroom, two-bathroom apartments that also include a study, as well as a number of luxury penthouses with a floor space in excess of 150m2. All apartments have access to basement parking.