Over the past two years, the business hub of Rosebank has seen significant redevelopment of both commercial and residential property after The Rosebank Management District uplifted the area considerably.
Chris Renecle, MD of Renprop, says that the cleanup of the area and subsequent upsurge in redevelopment projects has once again made Rosebank a desirable and profitable investment option for those looking to expand their property portfolio.
He notes that The Zone shopping centre upgrade, the redevelopment of The Firs and the extension of The Mall of Rosebank are all recent redevelopment projects that have been undertaken in the area. “The new Standard Bank office is another development project contributing to the more than R7-billion that has been invested in the area’s redevelopment in recent years. The development of the Gautrain station has also put Rosebank back on the map as a business and entertainment hub,” says Renecle.
Currently The Mews and Baker Square are being renovated and redevelopment in Rosebank continues with The Galleria also in line for refurbishment in the near future. All of the available retail space is currently occupied.
Renecle notes that aside from the Gautrain, the planned dedicated cycle lane between Sandton and Rosebank will further add to its accessibility and appeal. He explains that the cycle lane is an initiative between The City of Johannesburg and the Sandton Central Management District, who have developed a Sandton Transport Master Plan to address the increasing traffic issues in the Sandton CBD. “This means a focus on long-term changes to transport patterns in Sandton with a dominant focus on efficient public transport, bicycle lanes and pedestrian activities. The City of Joburg website indicates that dedicated cycle lanes will be provided along Maude, West and Alice Streets and cyclists will, in future be able to ride from Rosebank to Sandton on this network.”
Renecle says that in response to the commercial development and the resulting demand for executive accommodation, Renprop has created a number of opportunities for investors looking to capitalize on Rosebank’s popularity and investment potential. Its first residential development in the area, The Vantage, sold out fast and provided investors with an average appreciation of more than 25% on their units during the construction phase.
On the back of this success, and to cater to the continued demand for upmarket apartments in the area, Renprop, in conjunction with its development partner, Grapnel Property Group, launched The Tyrwhitt, which is situated on the corner of Bath and Tyrwhitt Avenues. The 200-apartment Tyrwhitt is currently under construction, and will offer a variety of configurations including one- and two-bedroom apartments spread over 12-stories. Renecle says there are a few units still available to investors who want to secure an executive apartment in the heart of Rosebank.
Also well located opposite The Zone @ Rosebank shopping complex is Renprop’s latest residential development offering in Rosebank called The Median. This apartment block will offer 14 floors of one-, two- and three-bedroom apartments as well as a selection of penthouses. Ranging in size from 50m2 apartments to 160m2 penthouses, units at The Median will have a Mondrian interior design style. Residents will also have access to basement parking. At street level, The Median will showcase a number of shop fronts including a trendy coffee shop that will open onto the pedestrian walkway on Cradock Avenue.
Renecle concludes by saying that residents at both The Tyrwhitt and The Median will benefit from easy access to wide range of amenities as well as the Gautrain Station.