Emira Property Fund’s conversion of its Rosebank office property assets formerly occupied by Sasol into a contemporary residential apartment development, The Bolton, caters to a demand for residential accommodation for working millennials.
The major redevelopment responds to Rosebank’s anticipated oversupply of office space and current undersupply of residential accommodation.
The 280 new apartments target the middle LSM rental market and add a unique, sustainable and affordable residential accommodation to the Rosebank area. It plugs into the area’s extensive social, retail and transport infrastructure.
Emira Development Manager, Justin Bowen, explains: “The Bolton caters for a niche residential market that is underserviced in Rosebank. Currently, the only accommodation available in the area is either very old or very expensive. The Bolton is the only new residential development in the vicinity that targets younger working professionals.”
Emira Property Fund is a JSE-listed REIT that is invested in a quality, balanced portfolio of office, retail and industrial properties. Its assets comprise 135 properties valued at R13.3 billion. Emira is also internationally diversified through its direct interest in ASX-listed Growthpoint Properties Australia (GOZ).
However, this is its first foray into the residential sector, so Emira is partnering with experienced experts in the residential development space, Feenstra Group and HB Realty.
Construction on the R200m project began in September. The Bolton’s first apartments are expected to welcome residents from mid to end-2018.
The Bolton benefits from excellent visibility on Bolton Road and is located across the road from the landmark Rosebank Mall, which also links to several other retail and hotel properties. Apartments at The Bolton offer excellent proximity to shopping, banking, gym, leisure, restaurant, hospitality, and medical facilities. It offers residents the benefits of an authentic modern live-work-play urban environment.
Being near the Rosebank Gautrain Station, it provides access for those who work in Rosebank, but also for those who work along the Gautrain route to Joburg, Sandton, Midrand, Centurion, Pretoria Hatfield or OR Tambo International Airport.
The Bolton offers relatively affordable rentals for its area. Monthly rentals range from R6,000 for a bachelor flat to R10,000 for a two-bedroom unit.
More information from Geoff Jennett, Tel: 011 028 3116 / www.emira.co.za
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