Renprop, in partnership with Grapnel Property Group, is launching its second luxury apartment development in Rosebank in March, called The Tyrwhitt.
About 200 units are selling from R1.9 million for a one-bedroom unit to R17 million for a four-bedroom penthouse. Units are priced from R32 000 per square metre and construction for the 14-storey development will be completed in 2017.
Renprop launched The Tyrwhitt due to the success of its first residential development with Grapnel Property Group, The Vantage, at the corner of Bath and Tyrwhitt Avenue which is sold out after its launch over a year ago.
Units at The Vantage were sold for R30 000 per square metre and now retail for R35 000 per square metre.
Redefine Properties has recently launched 445 luxury apartments to the tune of R1 billion called Park Central at the corner of Baker Street and Keyes Avenue.
Apartments sell for up to R45 000 per square metre, or R1.75 million for a basic unit and up to R16 million for a penthouse. This makes Park Central the
most expensive apartment development in Rosebank, said Redefine’s executive director of development Mike Ruttell. The development is set for completion in 2017.
Executive chairperson of Redefine Marc Wainer said office developments in Rosebank would spur the demand for lock up-and-go residential units.
Renprop estimates close to R7 billion has been spent developing new and older office buildings. Another 100 000 square metres of office space is expected over the next five years.
Barrow Properties is breaking ground with a 21 000 square metre office development on the corner of Glenhove Drive and Oxford Road, which is due for completion in 2017.
Rosebank’s high-density facilities, such as the Mall of Rosebank and the Gautrain, make the suburb suitable for apartment building, said Renprop’s managing director Chris Renecle.
The suburb also has strong elements of work and play – the biggest draw card for a new breed of professionals and investors.
“Since 2009 there has been little residential development. Demand has been there for a while, but supply has been scarce, especially in Rosebank,” Renecle explained.
Pam Golding Property Group chief executive Dr Andrew Golding, who is marketing Park Central, agrees with Renecle.
“Developers did not bring anything for five years. Buyers were competing with each other. There were thousands of buyers and few sellers. Developers are now taking an optimistic view.
“We would do another development if we find a site (for development) that is unique. If Park Central is successful we would find old buildings we already own to build more apartments.”