R1.31bn HQ Sandton residential development on the cards
04-02-2022
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Moneyweb
Source
A 780-unit residential development is being planned for Sandton, SA’s financial hub, with developers Weinprop and Foresee Properties set to invest around R1.31 billion in a landmark 12-storey building overlooking Mushroom Park.
The developers, who have almost three decades experience in the residential property market, believe their high-rise apartment project will be a flagship but will still target the aspirational and first-time home buyer wanting to own a piece of Sandton.
HQ Sandton will be on a 9 000m² prime plot in Sandown on Katherine Street, which is within walking distance of the Sandton Gautrain Station, the Sandton City shopping precinct, and the new BRT (bus rapid transport) facility being built by the City of Joburg.
“This development is going to stand out in the Sandton market, not only because of its affordability and location, but its range of amenities including the building becoming home to the largest roof-top garden in the country,” says Alex Agulnik, director of Foresee Properties.
“With HQ Sandton’s site overlooking the nearby Mushroom Park, we wanted to create a park-like atmosphere in part of our development and sort of extend the park into our project.”
He points out that many people don’t know of Mushroom Park in Sandton and says apartment developments near well-kept parks, such as Central Park in New York, generally secure a premium on prices.
However, Agulnik stresses that the HQ Sandton project will be affordable to aspirational and first-time home buyers, despite also getting some keen interest already from buy-to-let investors.
“Around 30% of the units are priced below the R1 million mark, while some 88% are under R2 million. For the location in Sandton, which is dubbed Africa’s richest square mile, these prices provide an opportunity to actually buy into Sandton to many who couldn’t do so before,” he says.
“Many of those we are targeting are the young professionals and aspirational market who may work, shop and even chill out in Sandton, but then travel back to their homes which quite often are as far afield as Benoni, Soweto or Springs.
“These people may sit in traffic for three to four hours a day to come to work in Sandton and then go back home.
“Monthly travel costs can be up to R5 000, so we see this as an opportunity for those who are keen to rather spend that money on paying off a bond and staying close to where they work", adds Agulnik
Milton Weinberg of Weinprop is Agulnik’s joint-venture partner on the HQ Sandton development. They have roped in Jeffery Cole of Messaris Wapenaar Cole Architects to design an apartment building that is both modern and cost effective, considering the target market.
Cole says the development is an exciting one for him, not just due to its scale but the fact that it will be home to several other elements and offerings.
“Besides the rooftop park, which covers over 1 000m² and will have a restaurant and bar, there are many other innovative aspects to the HQ Sandton building.
“These include a world-class gym overlooking Katherine Street, work pods and co-working spaces, laundry and cleaning services, and a 24-hour concierge, among other amenities,” he adds.
“The building itself will be in a U-shape design and will have green building aspects, such green walls. Units are smaller due to all the amenities that the overall building offers. The units are essentially for sleeping, and you enjoy the facilities in the building and the surrounding area. That’s what urban living is about,” says Cole.
The smallest units within the HQ Sandton development are 24m², while studio apartments come in at (32 m² size), one-bedroom units at between (39m² and 44m² size) and two-bedroom units at (54m² and 63m² size).
“The smallest units are what we call hospitality units and are below the R1 million mark. They may seem small, but with all the other offerings, we believe these will sell and there is a market out there for this,” adds Agulnik.
“I’ve been involved in the ‘Gash’ [good address small home] residential property development space for many years. HQ Sandton is my biggest development to date, and I really believe in the project.”
Development rights for the project have been secured. Agulnik expects construction to start in the first quarter of 2023.
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