Property development JV announces Sandton mixed-use precinct development
Property management company Abland and construction company Tiber announced earlier this week that they will join forces to develop the Sandton Gate mixed-use precinct.
Comprising office, retail and residential building space with the added benefits of highly convenient access, a vast choice of public transport options and a secure precinct environment.
Tiber CEO Fernando Cardoso and Abland MD Jurgens Prinsloo have agreed to a joint venture (JV) approach for the precinct, which will incorporate properties that Tiber and Abland have purchased in the same area. “We believe that the strong complementary skills and expertise within our two companies can be harnessed to successfully deliver, execute and manage a development of this magnitude,” said Cardoso.
Situated on William Nicol drive between Sandton drive and Republic road, Sandton Gate will be easily accessible from Sandton, Hyde Park and the N1 freeway and is alongside the current S5 Sandton – Fourways Gautrain bus route. It is also on a planned route for the extended BRT system linking it to the Rosebank and Sandton Gautrain stations.
The site provides 130 000 m2 of developable floor area made up of approximately 80 000 m2 of offices, 400 residential units and a variety of lifestyle and smaller retail amenities.
“We are also proud to say that the entire precinct will be Green Star SA rated and that Sandton Gate is one of the sites being used as a pilot in the development of the precinct rating tool by the Green Building Council of South Africa,” Prinsloo noted. Sandton Gate will be developed with the intention of receiving a four-star Green Star SA rating for all its buildings.
The first phase of Sandton Gate will include all the necessary infrastructure, plus 10 000 m2 to 15 000 m2 of commercial office space, and a residential component which will commence in the latter part of this year. Thereafter, the development will progress according to market demand. The commercial buildings will be developed as high-end A-Grade and P-Grade buildings to accommodate large, medium and smaller users.
The residential units will be available for sale and/or leasing while the commercial buildings will be available for leasing. The Abland/Tiber JV will manage all aspects of the development, including initial planning, design, construction, leasing and management of the precinct.