The conversion of unused office buildings to highly-desirable urban apartments has become a familiar concept in Johannesburg’s city centre – and now the JSE-listed Vukile Property Fund has taken it to the old Randburg CBD, which is currently undergoing significant urban renewal.
The fund owns the whole Randburg Square complex, which includes a 35 000sqm shopping centre and a multi-storey carpark as well as a 12-storey block that is currently being revamped to provide 180 luxury loft-style apartments aimed at young professionals and others who want to live more centrally and close to all the amenities of both Randburg and Sandton.
The shopping centre has already undergone a R200m rejuvenation to provide a bright, clean and thoroughly appealing retail environment housing a wide selection of stores and restaurants that attract thousands of shoppers a month.
In addition, the new apartments are situated at the gateway to Randburg, close to the intersection of Jan Smuts Avenue and Braam Fischer Drive and within easy reach of Sandton and other business nodes by bus or taxi. The whole precinct has also been upgraded lately through the joint efforts of the city council and local property owners, and is now also on a Gautrain bus route.
“In a few years’ time, there might even be a direct Gautrain link between Randburg and Sandton and noting this, Vukile believes there will be strong growth in the demand for modern, compact residential units in this area going forward,” says Andrew Schaefer, MD of national property management company Trafalgar, which has been appointed to let and manage the Randburg Square apartments*.
“And certainly, we have been experiencing very strong demand for these units well in advance of project completion in October, with the first phase apartments due to be occupied in August.”
Randburg Square offers a mix of bachelor, one-bedroom and two-bedroom apartments with built-in cupboards, granite kitchen counters, DSTV points, CCTV and excellent security 24/7.
There is ample parking available, a gym and a playground onsite, and rentals range from an affordable R4200 a month for bachelor units to R6600 a month for two-bedroom units on the top floor.