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Major Developments in Sandton
| News by Staff ReporterSandton is becoming more and more popular with property developers as billions is invested in the area
The city of Sandton is set to receive a major facelift in the next few years as construction projects worth billions of rands are implemented, creating more retail space and dramatically changing the skyline of the city.The introduction of the Gautrain has sparked a flurry of development in the areas along the high-speed train's line, most evident in Sandton and especially Sandton City, where joint owners of the Sandton City complex, Liberty Group and Pareto, are planning a massive expansion and refurbishment of the centre.
The first phase of the expansion project entails the construction of an additional 30 000sqm of retail space, adding more depth to the tenant mix, and the second phase involves the construction of an 85-storey skyscraper opposite the Gautrain station in Sandton, becoming Africa's tallest building and an iconic feature in Sandton's skyline.
The first phase of the expansion project, costing a total of R1,77 billion, is already underway and is expected to be completed by November 2011.
The second phase of the project would be tenant driven and would depend on the building attaining a certain level of occupancy before construction began, while the third phase of the project entails the construction of four residential blocks, providing 500 to 700 flats, built at the southern end of the complex on the fourth-level parking garage.
Apart from the developments at the Sandton City complex, many other projects are underway or being planned in the Sandton area; including a R600 million sectional title office development in West Street by Barrow Properties, Group Five and Amabubesi; a R1,5 billion Sandton Skye residential development by a division of China Railway Group together with Eagle Canyon Golf Estates; and a R3 billion mixed-use office development, comprising some 120 000sqm, set to be developed in Stella Road by Old Mutual Property Group Property Investments.
The R3 billion Mutual Place development would comprise office space, retail space, a gymnasium and possibly a hotel, and the first phase is expected to be complete by 2014.
Source: www.bizpremises.co.za
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