10 Aug 2011
Johannesburg Stock Exchange listed company and one of SA’s big four banks, Standard Bank, is building a new property in Rosebank, Johannesburg.
The bank’s new property will cost R1.6 billion and will be completed in 2012. Ross Linstrom, Standard Bank’s spokesperson, told Property24 that the bank remains committed to the Johannesburg CBD so it is not moving.
“As the group has expanded, Standard Bank has seen the need to establish various office complexes around Johannesburg to cater for this growth,” said Linstrom.
The Rosebank property currently under construction will accommodate 5 600 Standard Bank employees and is aimed at alleviating some of the stress placed on the bank’s current infrastructure, he explained.
Linstrom said the additional space in Rosebank will allow for consolidation of occupancies in leased premises in the greater Johannesburg area as well as for growth in staff numbers. It's Constantia Kloof, Pretoria property houses 3 000 employees.
“Standard Bank also leases several other properties in the Johannesburg CBD.”
According to the Broll Office Market Report, Rosebank is being revived with great retail and exciting new office developments supported by the surrounding residential nodes and the Gautrain station.
Rosebank is fast becoming the city’s third high-rise business centre after Sandton and the inner city.
Standard Bank has over 60 000 square metres of office development and the iconic Oxford Corner is now complete offering 9 000 square metres of premium-grade office space while the second phase of the Zone has been completed offering designer-brand shopping and restaurants.
However, Standard Bank is not the only big spender when it comes to state-of-the-art buildings.
Absa’s property is estimated to have cost over R1 billion. – Denise Mhlanga
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