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Growthpoint’s new R600m-plus ‘gateway’ to Rosebank office development

By Suren Naidoo


JSE-Listed top 40 index property group, Growthpoint, has broken ground on its cutting edge new 35,000m² Rosebank office building, dubbed 144 Oxford and being developed at a cost of more than R600 million on a  prime spot next to the Rosebank Gautrain station.


Speaking at the company’s latest results presentation last week, Growthpoint Properties’ Managing Director, Estienne de Klerk, said construction on the first phase of the development had begun. The project is Growthpoint’s biggest single property development capital investment commitment for this half of its 2018 financial year.


“We’ve allocated R600m for its development in the current financial year. It is our flagship property project in Rosebank, located on a ‘gateway site’ into the precinct right next door to the Gautrain station. 144 Oxford will have two office towers, linked by an atrium and a super-basement for parking underground,” said De Klerk.


Growthpoint is aiming for the development to secure at least a 4 Green Star rating from the Green Building Council of South Africa (GBCSA). 144 Oxford is diagonally across the road from the Hyatt Regency Hotel, and in close proximity to The Zone @ Rosebank and Rosebank Mall mega shopping node.


According to Growthpoint’s brochure on the project, while 144 Oxford is being developed as multi-tenanted office development, any prospective tenant taking more than 50% of the space in either tower will get naming rights to the tower. The development will also include a coffee shop. 144 Oxford is set to be complete by October 2019.

In a statement on the development released today, Growthpoint, said 144 Oxford will feature two P-grade office towers of some 17,500m² each.

Rudolf Pienaar, Growthpoint Properties’ Office Division Director said: “We are excited to develop this new prime property with its prominent Oxford Road address and unrivalled exposure. Growthpoint is creating high-performance workspace in a sustainable office building designed for leading businesses that want to position themselves optimally for productivity and staff retention and enjoy a healthy and energising working environment where their business, people and partners can thrive.”

Rudolf Pienaar, Growthpoint Properties Divisional Director, Office Sector.

Growthpoint, which is respected as the leader in commercial green building, owns and co-owns the largest portfolio of green certified office buildings of any company in South Africa. The 144 Oxford development continues Growthpoint’s environmental innovation.

Pieter Engelbrecht, Head of Development at Growthpoint, said: “Growthpoint is going from strength to strength in property development and has grown a respected reputation for delivering prestigious, award-winning, green building and other quality and custom-built development projects. We have built up strong development skills and capacity within our team, and the magnificent 144 Oxford will benefit from this expertise.”

In its statement Growthpoint said it was behind two of South Africa’s most admired and anticipated developments in the last year. It is co-developer and majority co-owner, with partner Zenprop, of the striking new Discovery global headquarters in Sandton Central, which at 112,000m² is the largest single phase commercial office development in Africa. As 50% owner of the iconic V&A Waterfront, Growthpoint is a driving force behind its new developments including the recently opened Zeitz Museum of Contemporary African Art (Zeitz MOCAA) in the Silo District, which is considered one of the most exciting developments in the world in 2017.

“144 Oxford will be as eye-catching and innovative as Growthpoint’s other iconic developments. It features a spectacular glass façade across two interlinked towers, each standing proudly with prow-like prominence giving it exceptional views across the city, looking down over the leafy green suburb of Melrose,” it added.

Paul Kollenberg, Growthpoint’s Office Division Asset Manager, said there is an increased demand in the Rosebank node for P-grade office space. “Rosebank is attracting even more leading businesses and demand for space in the well-located Rosebank office hub can be seen in its P-grade rental levels, which currently surpass even those of nearby Sandton and Melrose.

Growthpoint is a JSE-listed REIT (real estate investment trust) and a leading international property company. It owns and manages a diversified portfolio of 533 properties, including 473 properties in South Africa, 59 properties in Australia through its investment in Australian Stock Exchange-listed Growthpoint Properties Australia and a 50% interest in the properties of the V&A Waterfront, Cape Town. It also owns a 26.9% stake in the €1bn property portfolio of London Stock Exchange Alternative Investment Market-listed Globalworth Real Estate Investment, the largest owner of office space in Romania.

* This is a developing story…

 

 

 

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