Inner city is more attractive

Posted On Wednesday, 22 October 2008 02:00 Published by eProp Commercial Property News
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Dozens of buildings in Johannesburg have had much-needed refurbishment, to the tune of millions of rand, in an inner-city renewal drive.

Property-Housing-ResidentialDozens of buildings in Johannesburg have had much-needed refurbishment — to the tune of millions of rand — in an inner-city renewal drive meant to provide affordable housing.

Work has begun on the conversion of the 26 storey, 47 000m² former Nedbank building at 120 End Street, which is being converted into 924 affordable apartments plus a 6 000m² shopping centre.

The joint venture of Amdec Property Development and Affordable Housing Company Holdings has bought 12 more properties surrounding this building, and neighbouring each other, which will double the number of affordable housing units created to 1850 homes.

The project will cost about R580m and the properties include Merchandise Centre and the Frank & Hirsch buildings; the Rodi Lot vacant land at 54 Davies Street as well as the Sidelsky Lots which span 56, 58 and 60 Davies Street; Mantoll Court at 49 Davies Street; Tollmans Building at 51 Davies Street; End Park at 112 End Street; Khan Corner at 106 End Street; and 5 Rockey Street. All but two of the properties have been transferred.

Nicholas Stopforth, Gauteng regional director at Amdec, says: “This is in line with leading international cities. We aim to provide a quality and functioning lifestyle for the residents from the assortment of bachelor and one- and two bedroom apartments.”

The developers are considering ancillary services such as a gym, creche, or child-care facilities and a supervised homework room for high school pupils.

Last modified on Friday, 16 May 2014 10:17

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