By Simpiwe Piliso

A sought-after apartment block in Rosebank, one of Johannesburg’s upmarket northern suburbs, has attracted scores of developers interested in replacing it with an ultra-modern residential development.

Often seen as an eyesore compared with neighbouring refurbished apartment blocks, Chatfield Court is expected to fetch between R25-million and R30-million when it goes under the hammer next month.

Last week developers and some delegates at the 40th annual SA Property Owners Association gathering described the 24-apartment building as a “great investment … with good development potential”.

The three-storey face- brick building, situated opposite The Grace, a grand boutique hotel, could soon be on the list of an estimated R1-billion worth of developments taking shape in Rosebank.

A few metres from Chatfield Court, workers were working against time to complete the R250-million refurbishment of the Rosebank Hotel. Old Mutual Properties demolished about five buildings to make way for the R623-million upmarket development, which includes a hotel, retail space, basement parking and loft offices.

Source: The Times