Trendy Rosebank gets lion's share of property investment

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The Galleria situated in the heart of Rosebank — is a mixed-use development with about 90,000m² space incorporating offices, retail, hotel and residential apartments. The Galleria situated in the heart of Rosebank — is a mixed-use development with about 90,000m² space incorporating offices, retail, hotel and residential apartments.

Rosebank’s share of the property market is moving upwards — and this has being spurred by the strong growth experienced in this node in the past few years.

Following its inclusion in the Gautrain route in 2011, infrastructure upgrades in the area, as well as considerable private and public sector investment, Rosebank has undergone a complete transformation.

“Rosebank, which has become a favoured destination of investors and residents for its vibrant mixed-use commercial, retail, entertainment and residential hub, has developed at a tremendous pace in recent years and is today undoubtedly one of Joburg’s fastest growing and most fashionable places to be,” points out Ortneil Kutama, SA Commercial Prop News Media Director.

A substantial R20 billion has been invested in the precinct in the past 2 years. Recent developments include upgrades to such landmarks such as the Rosebank Fire Station, Rosebank Mall, The Zone, Oxford Corner, Rosebank Towers, Vantage, The Bolton, The Galleria, The Tyrwhitt, The Median and Netcare Rosebank Hospital.

The Standard Bank building completed in late 2013 represents a R2.5-billion investment in the region and is staffed by some 3 000 employees.

Landlords in the burgeoning office hub of Rosebank are not shy to charge premium-grade office tenants top-end rentals, given the demand for space in the district. Rentable office space in these new building is currently listed at around R260 per sqm.

Rosebank Towers

The once quiet, leafy suburb is becoming the office location of choice for many mediumsized corporations and professionals who prefer a well-located but not overly congested node with pedestrian-friendly facilities.

A large section of Rosebank along Oxford Road will be construction zone for the next few years, as a massive new precinct goes under development, bringing 300,000 square metres of mixed-use space to the area.

Oxford Parks is targeting a 4-Star Green Star Sustainable Precinct Pilot Rating, and is envisaged to be a sustainable, secure and cosmopolitan medium-density.

Redefine Properties’ new 15 storey Rosebank Link was recently completed with all its office space fully let. 

The new tower has an estimated gross lettable area of just over 18 000sqm of office space with approximately 817sqm of retail on the ground floor. WeWork, a global community company with operations in over 400 locations across 100 cities will be leasing six floors at Rosebank Link. This extends WeWork’s global presence to Africa.

Construction on a 20-storey luxury apartment, Park Central in Rosebank, is well underway, with the development expected to be completed by May 2019.

Park Central in Rosebank

For long favoured as a live, work and play suburb with malls that are well integrated with new office towers criss-crossed by pedestrianised streets and walkways, Rosebank, with a fine selection of upmarket shops to restaurants is a popular hang-out destination with an eclectic night life.

Its proximity to Wanderers Stadium and Wanderers Golf Club in Illovo as well as Melrose Arch adds to Rosebank’s cultural appeal and together, the area is a standout venue for its lifestyle opportunities – movies, live music, sports, golf, concerts, café culture, gym etc.

It also appeals to those who work in the city centre and Sandton as Rosebank lies in between, and is well connected by the Gautrain and major highways.

The growth of Rosebank appears to go against the grain of the current sluggish national economic climate, although similar progress is being seen across a number of centres in Gauteng including Illovo, Sandton, Fourways and Midrand.

Read more on:

Office Market  |  Rosebank Mall  |  Rosebank Property Market  |  Standard Bank Rosebank  |  The Zone@Rosebank  |  WeWork  |  The Tyrwhitt