Redefine Properties leverages once off residential opportunity

 

JSE-listed diversified real estate investment trust Redefine Properties, better known for its retail, industrial and office holdings, have commenced on the ZAR426 million residential development Park Central. The residential project will capitalise on its excellent location on Keyes Avenue close to the Gautrain Station in Rosebank.

Park Central will house 150 apartments – ranging from one bedroom suites to luxurious full floor penthouses complete with private elevators and separate butler quarters. All apartments boast of floor-to-ceiling windows and double volume ceiling in duplex units. The windows are one of the main elements that have contributed to Park Central’s design and offer uninterrupted sweeping views* of the horizon and the city.

At 20 storeys, it will be the tallest residential building in the suburb and is expected to be completed during July 2019.

Mike Ruttell, Development Director at Redefine Properties says, “The city hasn’t seen a residential development that’s situated in an environment like this. This is a good example of our agility and ability to leverage opportunities that allow us to create substantial value for our shareholders.”

“Park Central will offer a lifestyle, not just a home.”

“This luxury development is a once-off investment and we remain committed to our focus on retail, commercial and industrial properties in South Africa and emerging CEE economies.”

Park Central underscores the demand for high end luxury accommodation and is situated in the centre of Rosebank, in close proximity to the Gautrain station, Rosebank Mall, a number of office parks and entertainment facilities.

“We have identified Rosebank as a vital growth node for Redefine and excited for its prospects as a fast developing transit oriented mixed use precinct. We look forward to maximising the suburb’s potential,” adds Ruttell.

Park Central offers a chic urban green lifestyle in the heart of one of the most dynamic and rapidly expanding growth nodes in Johannesburg. The glass tower will feature huge floor to ceiling windows for natural lighting, tastefully fitted kitchens, a selection of quality finishes, concierge services etc.

It also features sky gardens which are a unique signature of this iconic building, resort inspired roof top swimming pool, residents’ club, gymnasium and gourmet kitchen facility.

There is a pent up demand for luxury accommodation in Rosebank, so this residential development is well timed. People increasingly want to live in boutique like hotel setting with all amenities and facilities in a great location, according to Ruttell.

The units priced from ZAR1.85 million to ZAR46 million have already generated an enormous amount of interest from a variety of purchasers: business commuters, single professionals, couples and families who want a primary home close to the vibrant business districts of Rosebank and Sandton.

The apartments also offer an outstanding buy-to-rent investment opportunity with sound rental returns and excellent prospects for capital growth.

“This development is a massive vote of confidence for the Rosebank node and the luxury residential property market in Johannesburg,” says Ruttell in conclusion.