With an immense amount of retail, commercial and residential property and infrastructure development taking place, the greater Fourways area has become greater Johannesburg’s fastest growing centre.
“The evolution of the Fourways area over the last 10 years has been nothing short of staggering and, given the plans that property development giants such as the Accelerate Property Fund have for the region, there is now little doubt that we are seeing the area evolve into a mini-city in the mould of the Sandton city centre” observes Rupert Finnemore, managing director of Pam Golding Properties Gauteng region.
“In the early 1940s, the Fourways area largely consisted of a 245-hectare game farm owned by the Eriksen family. Just 20 years ago it was still considered to be a distant semi-rural area on the outskirts of Johannesburg. Now, with cranes dotting the skyline in most directions one looks, Fourways is completely transformed. Without a doubt, few other regions anywhere in Gauteng are seeing such dramatic and impressive growth,” adds Finnemore.
“The Accelerate property group has already commenced construction on its new super-mall which will offer 175 000sqm of retail and commercial space under a single roof, making it the largest such mall in Gauteng province and the second-largest in the country. Plans are furthermore afoot to develop an immense 60-storey mixed-use building which will be the largest and tallest of its kind in Africa. The ultimate aim is to turn Fourways into the retail centre of choice within Johannesburg”.
“The group is to spend approximately R30 million on the refurbishment of the existing Fourways Mall and a further R270 million on the road infrastructure around the mall. Such a commitment is an indication of just how much confidence developers have in the region”.
“We are simultaneously seeing the development of massive luxury estates, such as Steyn City, which also represent a considerable investment in the local economy. The developers of the estate have already assisted with the upgrading of the northern section of William Nicol Drive. These and earlier upgrades in 2009/2010 to the road infrastructure in the south have greatly assisted in easing traffic”.
What implications does all of this growth have for the residential property market in the greater Fourways region? Kyle Ebben, manager of Pam Golding Properties in Fourways, believes that it is only likely to further fuel demand for homes in the region.
“Some residents were concerned when Monte Casino was developed in William Nichol Drive during the late 1990s. As it turns out, that entertainment complex proved an immense success and there is little doubt that it only served to improve property values in surrounding areas”.
“Now we are talking about something much larger of course, but in our experience the development of mixed-use centres, such as Fourways, only serves to drive demand for residential property. Thus we have seen the suburbs around Sandton, for example, continue to enjoy good growth in property values over the last number of years,” says Ebben.
He points out that greater Fourways has always been a popular residential area, offering an attractive, secure lifestyle as well as a range of popular property options ranging from apartments with price tags from R900 000 for a one bedroomed property, to luxury estate homes that are marketed for R20 million and more.
“Indeed, a recent Pam Golding Properties research report, The Index, has highlighted the fact that Fourways remains a Gauteng residential property ‘hotspot’.”
“Homes in the Fourways district have always been popular because they are perceived to offer sound value for money, a solid investment, convenience and a superb lifestyle. This is true across all suburbs of the region including Douglasdale, Lonehill, Paulshof and more affordable Johannesburg North. This applies equally to the upmarket estates, which are very much a feature of the area, including Dainfern, Fourways Gardens, Helderfontein Estate, Waterford, Cedar Lakes and Broadacres to name just a few”.
The luxury estates offer residents every amenity including clubhouses, sports facilities as well as first class security. They provide the opportunity for residents to live in a community of like-minded individuals in a village-type atmosphere.
“The homes in some of these estates are popular with multinational companies who seek to find rental accommodation for their expatriate executives. Some quality homes in Dainfern, for example, are achieving in excess of R100 000 monthly rentals via this corporate rental market.”
According to Ebben, sectional title properties, including townhouses and apartments, are in evidence throughout the region and new developments are increasingly being seen down the northern section of William Nicol Drive, for example.
“Everything is at the fingertips of Fourways residents, providing them with an ideal and convenient lifestyle and this is one of aspects that accounts for the popularity of homes here. A number of excellent local and international private schools and medical facilities are situated nearby, and these have proved a draw card for families from right around the world”.
“Office parks are also springing up across the region, including up Main Road towards Bryanston, but also within Fourways itself. Abland recently announced that they are developing a 77 000sqm upmarket office development. Outstanding shopping and entertainment are also already available at numerous malls and entertainment centres to be found here.”
“In addition, a Gautrain station is planned for Fourways, which, based on the experience of Sandton and Rosebank, is only likely to further stimulate the area.”
“Fourways is an exceptionally vibrant development node and a leading lifestyle location that offers a something for everyone. Property buyers are able to secure solid long-term financial investments in addition to their lifestyle of choice. The rapid densification of the region, and its development into a exciting mixed-use hub, is only likely to further stimulate this trend,” concludes Ebben.