Emira Property Fund’s stylish new apartments, The Bolton in Rosebank is set to welcome residents this August.
The Bolton’s chic urban lifestyle on offer is a result of the group’s value-enhancing conversion of its Rosebank office property assets which were formerly occupied by Sasol.
The conversion arose from the demand for residential accommodation from working millennials in the bustling business node, responding to an under supply of residential accommodation in the area with a premium address in an excellent location, competitive rentals, high management standards and a compelling array of popular amenities.
COO of Emira, Ulana van Biljon, reports that the conversion solution and design are excellently matched to the buildings. Construction of the R200 million project began in September last year and it has progressed seamlessly, including the addition of two new floors using a special light-weight solution.
She went on to confirm that the REIT’s strategy for the property is proving to be right on the money: “The Bolton is receiving strong demand from go-getting young professionals between 25 and 35 years old. Leasing is already ahead of budget.”
The development offers a mix of bachelor, one and two-bedroom apartments which all range in size from roughly thirty square meters to sixty square meters. The stylishly finished apartments include Bosch stoves and ovens with black-out blinds on all of the windows.
The next batch of thirty-nine apartments will be available at the end of August this year with further batches set for release at a rate of forty per month, with the final installment coming to the market in December this year.
All of the building’s amenities will be online for the first occupants. The Bolton has its own pool and braai area, an eighteen-seater cinema, free fibre WiFi, a boardroom, a laundry facility, secure basement parking and biometric access control.
The complex conveniently plugs its residents into the extensive social, retail and transport networks evident in Rosebank’s authentic modern live-work-play urban environment. Situated down the road from the landmark Rosebank Mall, the development is linked to several other retail and hotel properties with a short stroll from the Rosebank Gautrain.
With all this, the apartments meet a high-demand gap in the Rosebank market. Monthly rentals range from R7,200 for a bachelor flat to R12,000 for a two-bedroom unit. The Bolton also offers furnished opportunities for those needing no fuss rental accommodation near their place of work.
The Bolton is Emira’s first investment in the residential sector, so Emira is partnering with experienced experts in the residential development space, Feenstra Group and HB Realty.
Van Biljon concludes: “The Bolton residential conversion serves to repurpose and reinvigorate the former office buildings and the project furthers our strategy to rebalance the portfolio out of the office sector. We are confident that this is a much better use of the assets, and the positive uptake of apartments and good market response to The Bolton confirms this.”