The Joburg suburb trying to be the 'new Sandton'
Category PROPERTY NEWS
The mixed-use suburb of Rosebank in Johannesburg North is seeing major growth.
Although previously seen as a corporate enclave that was located close to the business district of Sandton, Rosebank has redefined itself.
"Ten years ago, Rosebank was overshadowed by the humdrum of 9 to 5 workplaces. But today, demand for Rosebank real estate is surging, and Rosebank is considered an affluent locale aligned with sought-after Sandton," Johann du Plessis, Development Director at Feenstra Group, said.
"Its evolution has offered numerous exciting opportunities to developers and placemakers, which is clearly evident in the ever-changing skyline. But, more importantly, Rosebank's new outlook isn't lost on Joburg's residents either. With so much going for it - location, commerce, retail, culture and safety - it's little wonder that Rosebank is the 'one to watch' in 2023."
Rosebank has numerous amenities for work, play and leisure across safe pedestrianised streets.
Corporate buildings like The Bank and Rosebank Towers have also had makeovers, whilst the popular Rosebank Mall and The Zone@Rosebank are now fashionable destinations with high-end retail and entertainment.
The area also has an emerging cultural art scene, making it far more attractive for living, du Plessis said.
"The last census showed that Rosebank's population rocketed by a whopping 69%, significantly outgrowing Craighall Park, Hyde Park, Illovo and Sandown which saw much smaller increases between 11% and 17%," du Plessis said.
"Rosebank's occupiers have also earned the suburb an affluent status, with an average household income of between R115,000 to R145,000, compared to R33,000 to R44,000 for Johannesburg."
In addition, the area has been classified by local authorities as a priority development area for better service delivery and infrastructure.
Estimates indicate that Rosebank has already received more than R7 billion worth of investments in recent years.
"Rosebank is the place to be - a prime location for enjoying the very best blend of buzzing city vibes and convenience. So, what drives Rosebank? Amenities? Pent up demand? Location? Inward investment? In my opinion, all of the above," du Plessis said.
Author: Luke Fraser (Business Tech)
