JSE-listed property developer, Growthpoint, has begun excavations on its latest premium office building in Rosebank, called 144 Oxford.
The new building forms part of the multi-billion rand redevelopment of Rosebank, which has seen over R7 billion pumped into commercial and residential developments in the area since 2013.
The building will feature two premium grade office towers of around 17,500 sqm each, located directly opposite the landmark Hyatt Regency, and a short distance from the Rosebank Gautrain Station.
It can be found near the hub of Rosebank Mall, The [email protected] and The Firs, providing quick access to scores of restaurants, shopping, hospitality and entertainment facilities in the area.
As is the trend with other Growthpoint developments, 144 Oxford is targeting a 4 Star Green Star SA rating from the Green Building Council of South Africa (GBCSA) for the development.
As of full year 2017, the group has set aside R650 million for the development, taking up a sizeable chunk of the group’s R2 billion commitments in that financial year.
Growthpoint office division asset manager, Paul Kollenberg, said there is an increasing demand for premium grade office space in Rosebank.
“Rosebank is attracting even more leading businesses and demand for space in the well-located Rosebank office hub can be seen in its p-grade rental levels, which currently surpass even those of nearby Sandton and Melrose,” he said.
Other developments still being built in the area include commercial developments Rosebank Towers, The Mews (now known as the Rosebank Link), as well as residential apartments like The Tyrwhitt and The Median.
144 Oxford is expected to be complete by October 2019.