Redefine spells out Rosebank renaissance

Posted On Monday, 23 October 2006 02:00 Published by eProp Commercial Property News
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With work having started on the Gautrain project, Rosebank property owners Redefine Income Fund and Standard Bank Property Finance and Advisory Services are planning a rejuvenation project for the Rosebank Arena precinct, which could be worth up to R450m.

Brian AzizollahoffRedefine Income, one of the largest listed property companies and a large property owner in Rosebank, and Standard Bank aim to create more office, residential, retail and parking space in the precinct to take advantage of the Gautrain and the expected commuter traffic.

Redefine CEO Brian Azizollahoff says the company "believes in the area".

"We are committed to ensuring that we preserve the value of our assets here as well as to look to making a positive impact on Rosebank."

Redefine owns the well-known 13,000m? building known as Rosebank Arena, which stretches from Baker Street to Bolton Road and fronts on to Cradock Avenue, while Standard Bank Property Finance and Advisory Services owns the building called 20 Baker Street, which is on the corner of Baker and Oxford Road.

The bank also owns the vacant site adjoining the 20 Baker Street building.

Azizollahoff says Redefine and Standard Bank Property Finance and Advisory Services have now acquired the Lindsay Saker building on the corner of Oxford and Bolton.

"We now control the entire block together. The intention is as follows: Redefine is going to revamp and upgrade Rosebank Arena. Standard Bank is going to upgrade 20 Baker Street, and then together in a joint venture we are going to develop the rest of the block, which will include a new parking garage, some retail space, some offices and residential units."

The parking garage will be a multilevel development.

Azizollahoff says the two property owners are looking to uplift the area.

He says that there is a pedestrian plaza between Rosebank Arena, 20 Baker Street and the Lindsay Saker building and that they want to turn it into a pedestrian boulevard with some restaurants and other leisure facilities.

"We are looking at the entire block on a holistic basis. A very large part of our thinking is how this will tie in to the Gautrain. One of the Gautrain stations is going to be across the road."

Azizollahoff says the new development is still in the planning phase.

"The only thing I can tell you is there will be at least another 500 parking bays. Our idea is to ensure there are five bays per 100m? in respect of the offices. The residential units would serve commuters and people who work along the Gautrain line."

But as far as the Rosebank Arena building is concerned, there is already a restaurant operating on the ground floor and there are plans to add another restaurant.

"We have pulled out those (ground floor) offices and relocated the tenants. The restaurants will have a deck on the Baker Street side and it fits in with the cosmopolitan atmosphere of Rosebank."

Azizollahoff says the creation of residential units is aimed at creating a "bedroom community" in Rosebank.

The units, which would be rental stock, are aimed at young professionals who still live with their parents in other parts of Johannesburg or Pretoria and who work in Rosebank.

He says the residential offering would be small apartments at affordable rentals.

Property economist Francois Viruly says he has no doubt that real estate opportunities will arise around the Gautrain station sites.

"But I think what is going to be important is that very early on, we create very good master plans around them so we don?t end up with bits and pieces of development around the stations, but a cohesive development. I think this is where the city (of Johannesburg) can play a critical role in ensuring that Johannesburg reaps the real estate benefits of the Gautrain," says Viruly.

"I think there is enough international literature to suggest that one has to be fairly careful where one positions developments around stations and it is not always said that the properties closest to railway stations, which have a high movement of people, are necessarily best."

Viruly says there will be opportunities to build higher density residential units around the train stations.

 

Last modified on Thursday, 15 May 2014 10:20

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