Developers move into Rosebank as the dust settles
Jones Lang LaSalle appointed to dispose of largest premium development site.
Global real estate services firm Jones Lang LaSalle has been appointed to sell the largest, premium development site in Rosebank, Johannesburg.
Andrew Bradford, Director of Jones Lang LaSalle says, “Now that the dust is settling, Rosebank is increasingly coming under the spotlight. Local and international commercial, as well as residential, property developers are trying to secure positions in Rosebank.”
The 10 000m2site is located two hundred metres from Rosebank station. It benefits from high exposure onto Oxford Road and is located across the road from hotel and retail facilities. “With 50 000m2 of approved mixed development rights and close to the Rosebank epicentre, it is attracting a lot of attention. Prime real estate in the true sense” says Bradford.
Andrew Bradford continues, “Oxford Road has been reopened for traffic in both directions and the final touches are being added to the Gautrain station. In addition to the construction of the Gautrain infrastructure, this node has undergone significant changes. Landlords of existing buildings have heavily invested in refurbishing and re-developing buildings in anticipation of growing demand for the area.”
He adds, “The redeveloped Firs Centre is now an entrenched and well frequented destination which has been enhanced by the recent completion of the extension to the Zone, bringing much needed cohesion to this locale. Standard Bank is making noticeable progress with their “Super-Block” north of Bolton Road,presently casting the third floor of what promises to be a 67 000m2 Rosebank landmark.”
Rosebank’s transformation offers compelling opportunities for developers. This is in part due to the fact that, firstly, land prices and rentals in the area are coming off a low base and secondly, many developers regard Sandton as having too many competing projects in the pipeline.
“Interestingly, the success and convenience of the Gautrain service between OR Tambo airport and Sandton has given a glimpse of the pull effect that Gautrain will have on other geographic areas surrounding the stations,” concluded Bradford.
The tender closes on 6th July 2011. Contact Andrew Bradford on 011 507 2200 or you can email him on firstname.lastname@example.org