Good capital growth in Rosebank in Sandton, Johannesburg is driving the continued demand for and investment in apartments in the area.
To be situated on the corner of Bath and Tyrwhitt Avenues in Rosebank, the 200 apartment block The Tyrwhitt is now already 50% sold out. Spread over 12 storeys, this well-priced apartment block offers a variety of configurations including one and two bedroom apartments priced from R1.6 million - click here to view.This is according to Chris Renecle, MD of Renprop, who says the demand for residential space in Rosebank has also been fuelled by the ongoing commercial development in the area, coupled with upgrades of various buildings, all of which add to its investment appeal.
Renecle says he believes it is the precinct’s village-like feel with tree-lined streets that has attracted interest from more and more buyers, investors and prospective tenants.
“Property prices in Rosebank are increasing due to the lack of available land for development, so those investors who get in early and buy off plan will benefit from the upward price trend,” says Renecle.
He uses The Vantage, which is now completely sold out, as a case in point.
“Units that came back onto the market after the launch have seen strong capital growth. Launched last year at R29 000 per square metre, units at The Vantage are now selling for around R35 000 per square metre,” he says.
“This shows an average appreciation of 20% for units in a development which was launched just last year and is still a couple of months away from completion.”
Last month, Renprop’s latest Rosebank development named The Tyrwhitt was re-launched to accommodate public demand for smaller, better priced units in the Rosebank area.
To be situated on the corner of Bath and Tyrwhitt Avenues, the 200 apartment The Tyrwhitt is now already 50% sold out. Spread over 12 storeys, this well-priced apartment block offers a variety of configurations including one and two bedroom apartments priced from R1.6 million.
The strong demand for residential space in the Rosebank precinct has continued unabated, and is expected to continue for the foreseeable future, says Renecle.
“Based on this, and the capital growth achieved at The Vantage that adds yet more appeal for investors looking at the area, those who have purchased apartments in The Tyrwhitt can expect to achieve fantastic capital growth in a relatively short space of time.”
Renecle believes that investors who are interested in purchasing in the Rosebank precinct should act fast as land prices will continue to increase as more developments launch in the area.
Renprop is working on launching another residential development in the Rosebank area in the near future in an effort to meet demand for apartment living.
For more information about The Tyrwhitt, click here.
