DURBAN - Rosebank is the one to watch in terms of ‘big city” investment in South Africa – moving against the grain in every aspect of property growth.
Last week it was reported that SA’s housing market had hit a surprising upswing – with industry players reporting an uptick in housing activity in recent weeks – suggesting the market has finally bottomed out.
"The timing is right to look at a ‘big city’ luxury apartment investment, particularly in an upwardly moving investment node like Rosebank," said Jonathan Kohler, Chief Executive of Landsdowne Investment Properties.
Far more than a passing trend
"While we are seeing wealth portfolio’s focussed on offshore investment, big city investment should not be overlooked, particularly in a node like Rosebank – this is no passing trend,” says Kohler. The increase in corporates needing to house international executives close to the business district, as well as business people transitioning far more frequently from Cape Town and other regions to work at Sandton-based head offices, is the reason contemporary new developments such as 100 Oxford are in demand," said Kohler.
The appeal of owning an investment property is always about proximity to the central zone, and Sandton – as the finance, business, fashion entertainment and retail capital – is the first point of contact for many business executives, and tourists to Johannesburg.
Because of this, many international corporations have recently moved their local corporate head offices to Rosebank, and are looking for upmarket accommodation for executives in transit.
"As an upwardly mobile node, this district is not going to change, it has become one of South Africa’s most impressive suburbs and Rosebank will only grow more lucrative despite the jitters of a contracted economy," said Kohler.
He added, "It’s the kind of area that will retain its strength and remain a very strong investment opportunity through the spikes and troughs to come".
Recent developments include upgrades to the Rosebank Fire Station, Rosebank Mall, The Zone, Oxford Corner, Rosebank Towers, Vantage, The Bolton, The Galleria, The Tyrwhitt, The Median and Netcare Rosebank Hospital.
The ongoing transformation of Rosebank as a favoured destination has also seen large-scale commercial investment, particularly with its inclusion on the Gautrain route – making in-transit transport to and from OR Tambo and other destinations an easy walk away.
BUSINESS REPORT ONLINE