By Nick Wilson
Infrastructure development for the mixed-use property site Zonk'Izizwe in Midrand is due to start at the end of the year, says Old Mutual Investment Group Property Investments.
The project, which is expected to cost between R15bn-R20bn, will encompass the Gautrain's Midrand station, the first stop on the Pretoria line of the rapid rail link. Grand Central Airport is also near the site .
Brent Wiltshire, development executive for Old Mutual Investment Group Property Investments, said they plan to start structure development on the 220ha site in the third quarter of next year.
Zonk'Izizwe will be a mixed-use development including a town centre, residential and hospitality property , offices and retail property.
It will be developed in phases over several years.
"Our first phase will consist of what will anchor the development, which is a new town centre made up predominantly of offices, retail, and residential property, as well as selected hotels," said Wiltshire.
Wiltshire said Old Mutual had received "very good feedback" from most major retailers, who were eager to acquire flagship space .
The Gautrain station is integrated into the development . It had initially been planned as an underground station, but will now be above ground to merge with the development.
The Zonk'Izizwe site has been held for many years by Old Mutual.
The train station has given the company an opportunity to benefit from the residential densification it would attract.
"The strategy of the Gautrain is to ensure densification happens within a certain radius of each station," Wiltshire said.
Old Mutual is poised to benefit from the underground Rosebank Gautrain station because of its large property holdings in the precinct. The group is also constructing a R623m mixed-use property development near its shopping centre The Zone@Rosebank .
Five Old Mutual-owned properties have been demolished in the suburb to make way for retail space, a 160-room hotel, a four-level parking garage and offices.
The development is part of a phased precinct strategy and will also take advantage of having a Gautrain station as part of the offering.
The new development is on a site on Tyrwhitt Mall and Cradock Avenue bordered by the Park Hyatt Hotel, and The Firs and The Zone shopping centres.
Publisher: I-Net Bridge
Source: I-Net Bridge
