Rosebank set to boom, says Redefine
| Inet Bridge -
Redefine has identified Rosebank as an area of large growth in property opportunities in the next few years
The precinct around the proposed Gautrain Rapid Rail station in Rosebank should become a node of 24-hour, bustling activity allowing for a diversity of property developments to be richly supported, says Redefine Income Fund.
Redefine has identified Rosebank as an area of large growth in property opportunities in the next few years and where the value of existing property will rise.
Redefine owns buildings in Rosebank worth more than R107m: the Standard Bank building valued at more than R12m and consisting of about 1,700m² of retail space together with 2,400m² of office space; 15 Baker Street; Rosebank Arena, which is being refurbished; and 2 Arnold Road.
Michela Piccini of Redefine says Rosebank is a prime area as it is ideally positioned between the growing Sandton business district and the Johannesburg central business district.
Redefine is looking to expand its property portfolio in the area.
"Rosebank is already rich in commercial and retail developments and it is anticipated that the Gautrain will precipitate the densification of existing properties as well as the growth of residential properties.
"There is already a noteworthy trend towards development in Rosebank as a result of the strong retail, office and entertainment components," says Piccini.
Piccini is on the Rosebank Management Business Committee, which is extensively involved with town planners and the local authorities in creating a node in which the urban fabric is intensively utilised as a mixed-use area.
Because it owns property in the vicinity, Redefine has become involved in numerous community projects and initiatives.
Piccini says that it is important for property owners and landlords to become involved in committees such as the Rosebank Management Business Committee, to benefit from insights and updates on activity in the area. Both the positive and negative implications of the Rosebank station development are highlighted and discussed, she says.
The Gautrain Rapid Rail link is one of the largest transportation projects in SA today - R7,1bn has been set aside as a national contribution. It is estimated the project will to create 93,000 jobs over the next five years and boost the gross national product up to 1% during its implementation.
The Gautrain can be a catalyst for urban regeneration and economic and property development worth billions of rand.
Piccini says that although initial re-routing of traffic within the area during the construction phase will cause some inconvenience, all indications are that the long-term benefits will be well worth the effort.
The Gautrain will run from Hatfield station in the north, through Pretoria, Centurion, Midrand, Marlboro and Rhodesfield to Johannesburg International Airport on the main route. A subsidiary route will branch off at Marlboro into the Sandton and run through Rosebank to Park Station in Johannesburg.
The sites for stations were chosen for their ability to sustain high-impact, mixed land-use nodes and potential mixed-use hubs.
The site of the proposed Rosebank station is a prime location, beneath Oxford Road adjacent to the Rosebank Mall, between Baker Street and Tyrwhitt Avenue. Extra parking facilities will be created to serve the station and benefit the surrounding properties.
"As a result of the Gautrain development the local municipality has also been forced to upgrade the existing infrastructure, which is positive for property owners and their tenants," Piccini says.
Generally public transport in the area has been poor, but with the development of the Rosebank station, property will become more accessible, resulting in improved building occupancies and rental levels, Piccini says.
Article from: Business Day - http://www.eprop.co.za