Rosebank Office To Residential Conversion Meets Demand In The Market
The Bolton is Emira Property Fund’s successful residential accommodation conversion, fit for working millennials in need of quality accommodation in bustling business node of Rosebank. It’s a major redevelopment in Rosebank, in response to the expected oversupply of office space and present undersupply of residential accommodation in the area.
According to Geoff Jennett, CEO of Emira: “When considering the future of these assets to determine its best use, our strategy for converting the building from offices to residential apartments was an opportunity to unlock value and relevance from the properties. It responds to its location and its community’s needs. It also increases the diversity of our property portfolio while at the same time reducing Emira’s exposure to the office sector.”
These 280 modern apartments are set to target the middle LSM rental market, adding a unique, affordable and sustainable residential accommodation supply to the Rosebank area. It also succeeds in plugging into the area’s extensive social, transport and retail infrastructure.
Catering For A Niche And Underserviced Market In Rosebank
This development caters for a niche residential market currently underserviced in Rosebank. What’s more, it will help businesses in the area to attract young families and working professionals by providing safe and comfortable, affordable accommodation. This is a major drawing card to people who don’t want to sit stuck in peak time traffic, and want to stay close to this transport and business hub in Johannesburg.
With the continued growth of urbanisation, South Africa’s cities need to provide a range of accommodation options, and The Bolton is designed to meet the definite needs of young professionals, while also complementing residential diversity in Rosebank. Construction on the R200 million project started in September 2017, and will welcome residents from mid to end of 2018.
Image courtesy of : Emira