Jo’burg - A City Rejuvenated

Posted On Monday, 09 July 2007 02:00 Published by eProp Commercial Property News
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Inner city regeneration around the world is not a new concept and in South Africa it is currently occurring in all the major centres. Success is universal and momentum is continually fuelled by newer and bigger public and private investment projects

Andrew SchaeferDevelopment company Atterbury Property has placed its full confidence in the Jo’burg inner city precinct and to date is involved in three upmarket residential and mixed use developments - College House a residential apartment block in Braamfontein , Isibaya Apartments and Mapungubwe Hotel Apartments on Marshall Street.

Of these inner city developments two, namely College House and Isibaya are complete and operational.  Mapungubwe is undergoing the finishing touches and opens in September.  A fourth development, which is a mixed use establishment, is also currently being planned by the developer in Newtown.

According to Andrew Schaeffer, managing director of Trafalgar Property Management, the residential rentals are the highest they have been in this area in the past three years.  “Atterbury Property has certainly made a tremendous contribution to urban renewal in the Jo’burg inner city by developing quality schemes such as College House and Isibaya.  I am confident that the other Atterbury schemes will be similar in that they too will have quality finishes, superb amenities as well as a superior offering.  Atterbury’s long term outlook of creating better places to live, work and play will certainly endure into the future.”
       
“We have discovered that location is key in the Jo’burg inner city and 95% of our tenants for College House are professionals who work in surrounding offices,” says Schaeffer.  “The residential letting market is currently very strong with an enormous demand for quality accommodation close to where people work.  In fact, I do not see this trend changing before 2010, and in all likelihood it will remain for a long time into the future.”

Mapungubwe Hotel Apartments and Isibaya were both sold out early on.  Mapungubwe is a sectional title scheme which will be managed as a hotel.  This progressive accommodation concept combines 91 hotel apartments which are part of an income pool structure with an additional 37 residential apartments that do not form part of the hotel offering or partake in the income pool system.  Isibaya on the other hand is also a sectional title scheme but with long term residential leases.

“It is clear, the Jo’burg inner city has enormous appeal both to travelers as well as to folk seeking permanent accommodation,” says Coenie Bezuidenhout, Atterbury Property.  “Not only is it the desire to be closer to one’s place of work, but it is also the desire to experience the magic and vitality of a big city 24 hours a day.”
 


Publisher: Atterbury Property
Source: Atterbury Property

Last modified on Friday, 16 May 2014 16:56

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