There were about 100 000 people commuting in and out of the greater Sandton area at the end of 2013 and it is anticipated that another 10 000-plus will be joining them in the next couple of years.
Close on 300 000m2 of new commercial office projects are either in the planning phase or under construction in the Sandton area. Companies such as Ernst & Young and Alexander Forbes already have new offices there, the Webber Wentzel, Sasol and Discovery buildings are under construction and work on the Old Mutual building is about to commence.
Chris Renecle, MD of Renprop, says the influx of people will drastically increase the already burgeoning demand for residential units, whether owned or rented out. “I anticipate that there will be a shortage of rental accommodation in the Sandton CBD in excess of 5 000 units in the next five years,” said Renecle.
One of the new residential developments in the area set to cater to this demand is 101 On The Park, which will be situated on Katherine Street, within walking distance of the Gautrain station as well as the major corporate headquarters. The 240 apartments at 101 On The Park will be distributed over two towers of 15 stories each, said Russel Peach, Renprop Residential’s projects sales manager.
One- and two-bedroom units priced from R1.5-million are available, as well as selection of luxury penthouses with views.
“These apartments are exceptionally well priced for the area,” said Peach. “Property statistics reveal that the average selling price of a sectional title unit within Sandton is close on R2-million. In the past three months about 30 sectional title apartments have changed hands in the Sandown area, more than half of which were sold for between R1.5-million and R3-million. A further 22% sold for R3-million or more.”
Designed by GLH Architects, 101 On The Park will also include a bistro/coffee shop, a wellness centre, a concierge service and conference facilities as well as basement parking.
The development borders Mushroom Farm Park, giving its residents direct access to Sandton’s green lung and its walking trails, playground, rolling lawns and outdoor gym.
“There is no shortage of amenities in the area, from shops and restaurants to medical facilities and other lifestyle and entertainment offerings,” said Peach.