Strong demand for upmarket apartments in Rosebank continues to be fuelled by the ongoing commercial development in the area. This is according to Chris Renecle, MD of Renprop, which, together with its development partner, Grapnel Property Group, has completed two apartment buildings in the Rosebank precinct; The Vantage and The Tyrwhitt.
Renprop currently also has a 140-unit apartment building under construction, called The Median, and another in the planning stages, The Twist, which is set to launch in early 2020.
The Tyrwhitt which was recently completed and handed over, is situated on the corner of Bath and Tyrwhitt Avenues and has just 40 apartments available for purchase in the 219-unit building.
“The demand for apartment rentals in the Rosebank node is particularly strong,” says Renecle, who notes that investors are attracted to the area by the good returns and very low vacancy rates. “The fact that more than 30 of the 60 rental apartments recently released at The Tyrwhitt were snapped up in the first week they became available bears testimony to the strong demand for upmarket accommodation in the area,” he says.
Renprop’s Rosebank development that is currently under construction, The Median, is scheduled for occupation in September 2020. Spread over 15 floors, this development offers a mix of one-, two- and three-bedroom units as well as penthouse suites. “We have recently included 14 smaller units on the upper levels of The Median to cater to the increased demand for smaller living spaces,” says Renecle.
Renecle anticipates there to be a continued requirement for residential property in the Rosebank precinct for the foreseeable future based on the rate of commercial development in the area. “Rosebank has become sought-after as the ideal head office location for both local and multinational corporations such as Sappi, Standard Bank, Bank of Taiwan, Total and Coca-Cola, to mention a few. Therefore, the strong demand for residential property in Rosebank is underpinned by the growing commercial component, which is still experiencing enormous development and refurbishment,” says Renecle.
Renecle notes that some of the latest commercial developments in the area include the renovation at The Firs, which is now complete and includes a new restaurant. The second phase of Barrow’s Oxford & Glenhove development is nearing completion, the Growthpoint development next to the Gautrain station is almost complete, while Intaprop’s development in the Oxford Park node is well underway and will include the new head offices for the likes of Life Healthcare, British Petroleum and Arup, a multidisciplinary engineering firm. In addition, Rosebank is also about to welcome the first Radisson RED hotel in Gauteng.
Ideal for those looking to live, work and play in a central location, Rosebank, which is well-located close to the business hubs in the Johannesburg CBD and Sandton, holds appeal for investors looking to capitalise on the strong returns and low vacancies the rental market offers. Executives, corporates as well as those looking to live in a vibey area with easy access to a range of amenities, that is close to their place of work or trendy co-working spaces are also attracted to Rosebank, which ticks all these blocks.
The tree-lined avenues and pedestrian walkways lend Rosebank a village feel, while the convenience of the many amenities in and around the area – from public transport with the Gautrain to restaurants and shops, medical facilities and schools – make it a desirable place to call home.
Source: SA Property Insider