Development firm FWJK has secured the rights to develop a new 70,000 square metre skyscraper in the heart of Sandton, pegging the cost at around R2 billion.
According to the firm, the project, dubbed ‘Northern Lights’, will see four 38 level towers feature on the Sandton skyline.
The new development is located in the banking node at the intersection of Fredman Drive and Rivonia Road and is situated between the Maslow Hotel and the Hilton Hotel.
Road upgrades planned to service the development will see a six lane extension of Fredman Drive constructed as part of the new mid-block road due to join Grayston Drive.
The top two floors will enjoy residential penthouse suites.
“Following the success of our R500 million Illovo Point development on Rivonia Road currently under construction, we have office end-users and investors lining up to secure space at cost which is roughly 20% to 30% below current market selling prices,” the group said.
According to FWJK, the Sandton Central District continues to attract around twenty five new office tenant entrants each month, adding to the estimated 10,000 established businesses in Africa’s richest square mile.
Construction of Northern Lights is due to commence in the first quarter of 2018.