April 26, 2007
By Tammy O'Reilly
DERELICT buildings are an eyesore in the inner city, but with positive developments taking place at virtually every turn, investing in property in the area not only contributes to regeneration, it is a certified goldmine for investors.
That's the word from the Johannesburg Development Agency, which is responsible for creating an environment conducive for investment, such as the paving of sidewalks, the installation of street lighting and encouraging the formation of City Improvement Districts, where the private sector takes charge of the aesthetics of a certain area and improving the image of the CBD.
"At the JDA, we work in a catalytic manner," says Lael Bethelhem, CEO of the JDA. "We need to make sure that the surrounding are attractive to investors before we can expect them to put their money here. So far it's worked, because we are seeing buildings being totally transformed and owners are lining up to take responsibility for buildings that have been hijacked or neglected."
The JDA hosted a walkabout of the inner city on 24 April, showing the media how property developers have completely transformed some buildings into office and residential space, and portions of the city that are earmarked for further development.
CEO of the JDA Lael Bethlehem alongside street art sculpture depicting late singer Brenda Fassie
Newtown was the first stop, with Bethlehem explaining how the various places of entertainment have earned the place its name as the entertainment hub of the city. Newtown has several restaurants, nightclubs, museums and galleries and the Mary Fitzgerald Square has facilities to host major events.
Initially the area was only earmarked for entertainment, but slowly buildings are being renovated and being used for commercial development. One such building, Central Place, is a "demonstration building", developed to see if the concept would be successful.
"The main tenants here are the Gauteng Tourism Authority, the very trendy Capello's Restaurant and the newly established Sophiatown restaurant. Suddenly people are seeing that we can create property for commercial development in this area."
One of the most impressive buildings under construction in the Newtown vicinity is the imposing Turbine Hall, which used to be a power station. A portion of the building will house the global head offices of AngloGold Ashanti, while there are also some retail and hospitality offerings and a space for exhibitions and events. The offices are ready for occupation.
Transport House, opposite the Mary Fitzgerald Square will soon be turned into a mixed-use building offering retail space, a cinema, restaurants and a gym.
The street pillars of the overhead M1 highway have also recently been painted with a graffiti- and glue-resistant paint. This paint, which makes it difficult for people to stick posters or flyers onto it, will be used in more places in the City, and is already being used on the pillars under the Joe Slovo bridge as part of the Ellis Park precinct upgrade.
At 2 Pritchard Street is the Franklin building, a formerly rundown building now containing executive suites. Floors 8 to 19 have been converted into upmarket bachelor, one- and two-bedroomed apartments, and plans are in place to add a 20th floor.
"We have had the most incredible response from buyers and one thing they are all very pleased about is that the value of their investments goes up every day," says Kerry Ho, sales and customer relations' manager of Urban Ocena Property Developers. " When these units first started selling they began at R500 000, now prices begin at R1,5-million."
And it's little wonder. Each apartment is custom fit to the owner's specifications; there's a gym and jacuzzi on the property and the views are breathtaking.
The
Fashion District in the eastern part of the CBD is also being upgraded. Pritchard Street will be receiving new street furniture, better street lighting and trees. A Fashion Square is being developed, complete with catwalk and retail space for designers.
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