Nearly half of all the office development taking place in South Africa right now is happening in Sandton, cementing its claim as the richest square mile in Africa.
The latest research in the South African Property Owners Association Office (SAPOA) Vacancy Survey for Q4:2016 showed that 48% of new commercial property development in the country is taking place in greater Joburg’s central finance district.
What makes this figure even more extraordinary is that no other area in the country can match its growth, notes Sandton Central Management District (SCMD) – which manages the public urban spaces of the financial hub – with the closest contender below 9%.
Among the new office developments joining Sandton Central is Sasol’s new 67,000sqm 10-storey head office. Developed by Alchemy Properties and Sasol Pension Fund – the distinctive corporate headquarters were completed in December 2016.
Sasol Place enjoys a prime position in Sandton Central at 50 Katherine Street.
Kgoro Central is the sizeable 200,000sqm mixed-use art precinct being developed around a public square situated above the Sandton Gautrain Station. Developers Regiments Real Estate report that the development is being rolled out for final completion in 2024.
Kicking off in June this year, its first phase of two levels of retail, three levels of parking and 304 residential apartments is scheduled completion by the end of 2018.
By 2021, this will be joined by a hotel with serviced apartments, two more retail levels, offices and a high-end residential building, The Jewel.
The new Signature Lux Hotel will welcome guests from May this year at 135 West Street. The 218-room chic, urban 3-plus star hotel is developed by Richland Properties.At 140 West Street, Zenprop is developing a 27,000sqm office property in two linked towers – a 10-storey north tower and 14-storey south tower. Due for completion in October 2017, Hogan Lovells will have its new offices here.
Growthpoint Properties and Zenprop are developing, and jointly own, Discovery’s head office in Sandton. The 110,000sqm resource-efficient, cost-effective and environmentally-innovative Discovery global headquarters is the largest single phase commercial office development in Africa.
It is on the corner of Rivonia Road and Katherine Street, diagonally opposite Sandton City and one block’s walk away from the Sandton Gautrain Station.
It comprises three linked office towers which consist of a ground floor, eight office floors and a roof level, which holds Discovery’s sports facilities. It will also offer nine basements with over 5,000 parking bays. Discovery is expected to take occupation from the end of 2017.
The Central at 96 Rivonia Road is a 100,000sqm site being developed by Investec and Cri-Eagle to accommodate office, retail, hotel and residential development. The Central is located on the corner of Rivonia Road and Johan Avenue, directly opposite Sandton City Shopping Centre and 100 metres from the Sandton Gautrain Station.
The first development to take place on The Central site is a 20,000sqm state-of-the-art office building, comprising fourteen floors of unique office space. Eight of the fourteen floors have already been taken by leading law firm Werksmans.
This building is expected to be complete before the end of the year.
The old Village Walk mixed-use development by Eris Property Group is a full redevelopment of this landmark site at 129 Rivonia Road.
The development comprises of two high-rise towers – a 13-storey office tower and an 18-storey office tower, with a combined floor area of approximately 62,000sqm.
Below the two office towers will sit two levels of retail space spanning approximately 15,000sqm with a seven-level parking basement of around 100,000sqm to service the precinct. The project is set for completion in early 2019.
Abland is building on the success of the first two phases of its mixed-use Alice Lane development, with the third and last of three prominent buildings, nestled around a shared public piazza. It consists of 35,000sqm of space and will be 19 storeys high. Bowmans Law will be its anchor tenant.
The Legacy Group’s next hotel project also takes advantage of an ideal Sandton Central location. Leonardo at 75 Maude Street is set to rise 150 metres above Sandton’s skyline.
It is a 40,000sqm mixed-use development, which includes 1,500sqm retail, 12,000sqm offices and 25,000sqm residential.
The 120,000sqm multi-storey mixed-use office precinct for the new Old Mutual Emerging Market Office is going up at the prominent corner of Rivonia Road and West Street across from the Sandton Gautrain Station. Developed by Old Mutual, Mutual Place is situated at 115 West Street.
“These are just a few of the hero developments going up in Sandton right now, and there are even more set to come. There are also several exciting residential developments underway, both within mixed-use properties and stand-alone developments,” said Elaine Jack, city improvement district manager of the SCMD.
The Capital on the Park is one of the latest residential developments in Sandton Central. Located at 101 Katherine Street, with direct access to Mushroom Park, The Capital on the Park will have 240 one and two bedroomed apartments, as well as penthouse suites, available for occupation from July this year.