{"id":832026,"date":"2025-07-17T17:10:14","date_gmt":"2025-07-17T15:10:14","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=832026"},"modified":"2025-07-17T17:16:22","modified_gmt":"2025-07-17T15:16:22","slug":"major-r90-million-office-block-in-joburg-is-about-to-be-converted-to-living-space","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/832026\/major-r90-million-office-block-in-joburg-is-about-to-be-converted-to-living-space\/","title":{"rendered":"Major R90 million office block in Joburg is about to be converted to living space"},"content":{"rendered":"\n

Property group Redefine is selling one of its major office blocks in Parktown North, Rosebank Corner, for R80 million, with the plan to rezone the building for residential use.<\/p>\n\n\n\n

The property is being sold to Live Rosebank Proprietary Limited, which has one of Redefine’s independent non-executive directors as its sole director.<\/p>\n\n\n\n

The office block is just off Jan Smuts Avenue in Rosebank, a high-traffic area located very close to local amenities like the Gautrain stations and the Rosebank Mall.<\/p>\n\n\n\n

The offices recently underwent\u00a0a refurbishment process<\/strong><\/a>\u00a0that modernised their<\/span> interiors and added backups like generators and water tanks. <\/p>\n\n\n\n

Despite this, Redefine described the property as having weak office leasing prospects, saying it would be better suited for residential use.<\/p>\n\n\n\n

While the property itself is valued at R91.5 million, the purchase price was negotiated at R80 million, factoring in the residential conversion.<\/p>\n\n\n\n

Traditional residential conversion disposals range between R2,000\/m2 and R7,000\/m2 and recent deals concluded within the Rosebank node are at R6,000\/m2, Redefine said.<\/p>\n\n\n\n

The sale has been concluded at R8,968\/m2 which is at a premium when compared to the recent residential conversion disposals, it said.<\/p>\n\n\n\n

“The Purchase Consideration is considered to be the fair market value of the property for residential use, as determined by the directors of the company,” it said.<\/p>\n\n\n\n

According to the group, the disposal of the property is in line with its overall strategy of recycling non-core assets and lowering its loan-to-volume ratio.<\/p>\n\n\n\n

The proceeds of the sale will be used to repay debt, it said.<\/p>\n\n\n\n

However, the sale comes with terms and conditions, most notable being that the sale will only be effective once the property has been rezoned for residential purposes.<\/p>\n\n\n\n

This should be no longer than 20 months from the date of the deal being signed, Redefine said.<\/p>\n\n\n\n

If the transfer is not effected, the purchase price will escalate by 0.65% per month until the date of transfer, provided the long-stop date (24 months after signing) isn’t exceeded.<\/p>\n\n\n\n

The purchase price will be settled on the date of transfer of the property, and has been secured by way of payment in cash of a non-refundable commitment and raising fee of R1 million.<\/p>\n\n\n\n

It also includes a guarantee in favour of Redefine for payment of the price on the date of transfer.<\/p>\n\n\n\n

Redefine noted that Simon Fifield, an independent non-executive director of Redefine, is the sole director of Live Rosebank and a minority indirect shareholder of Easy Hold Co Proprietary Limited, which holds 100% of the shares in Live Rosebank.<\/p>\n\n\n\n

Pictures of the Rosebank Corner refurbishment<\/h2>\n\n\n\n
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Property group Redefine is selling one of its major office blocks in Parktown North, with the plan to rezone the building for residential use.<\/p>\n","protected":false},"author":10,"featured_media":832036,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[23162,12366],"class_list":["post-832026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-live-rosebank","tag-redefine"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=832026"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832026\/revisions"}],"predecessor-version":[{"id":832042,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832026\/revisions\/832042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/832036"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=832026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=832026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=832026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}