Sandton project to lure residents

Abland and Tiber will build a R3bn multi-use development in Sandton, as they look to attract people living on the outskirts of the richest commercial hub in Africa.

Sandton City and its surrounding areas are undergoing redevelopment on a scale not seen since the beginning of the 21st century. This has created a need for more residential development and for small offices tailored for professionals.

Large offices — such as those that serve Discovery and Sasol — have come online and The Capital Hotel group has added numerous buildings to the upmarket Sandton area.

Sandton Gate will be a threephase development, which will be completed by the end of 2025, depending on market demand. It is expected that by the time the first two stages are complete, the office market will have turned around and vacancies will not be as high as they are.

VACANCY RATE

The national office vacancy rate was recorded at 11.5% at the end of the first quarter of 2018, according to the South African Property Owners’ Association.

The first phase, which will be completed by the end of 2019, will include 140 apartments and 15,500m² of commercial space, including a gym.

The development would attract people who wanted to work or live in Sandton but not in the heart of the area, which had become congested and beset with traffic, according to Grant Silverman, the marketing and leasing director at Abland.

“People like being within the Sandton area because it’s the richest square mile in Africa but you don’t necessarily want to be in the middle of the congestion,” he said.

“We’re developing a pedestrian friendly, live-workplay precinct right on its doorstep which will integrate commercial, retail and residential, making it unparalleled to other mixed-use precincts,” said Silverman.