Zoning in on Rosebank for an extra boost

A R623 million mixed use project comprising retail space, a 160-room hotel, a five-level basement parking garage and loft offices is already under way on a site on Tyrwhitt Mall and Craddock Avenue. The site is bordered by the Hyatt Hotel and The Firs and The Zone@Rosebank shopping centres.

The R170 million development which will house a 6,000m² Edgars store and three levels of offices, will be on the site of the current Mutual Square property fronting onto both Oxford Road and the Craddock Avenue car park.

"This is a further phase in our strategy for the Rosebank precinct," says Brent Wiltshire, property development executive for OMIGPI. "It will also take advantage of the opportunities presented by having a Gautrain station as part of the offering. The ... station entrances and exits are positioned at the entrance to Mutual Square, on Oxford Road, as well as at the entrance of Tyrwhitt Mall."

Wiltshire says the slope of the land is such that the property can be redeveloped into two ground levels of retail space, one level opening onto Oxford Road on the eastern side and the basement parking on the western side. The upper level opens onto the parking off Craddock Avenue: "Edgars attracts large numbers of shoppers, and will anchor the southern side of The Zone precinct very well. Edgars in the south and the mixed use development in the north means that foot traffic through The Zone will increase, improving its returns."

The Edgars store, set to open in April 2010, will occupy most of the 6,228m² retail space. Delivery access will be off Oxford Road. The three levels of offices will occupy 3,600m².

Wiltshire says no parking is required as the property shares parking with The Zone@Rosebank and the other properties fronting the parking on Craddock Avenue. This has been leased to Old Mutual until 2024, with a further renewal period of 20 years.

"Smaller tenants will be targeted for the office space. It's an attractive location, close to the Gautrain, parking, shops and hotels which will be beneficial to companies with national and international ties.

"The office space, with views to the east and west, is designed around a central, covered atrium over all three floors allowing sunlight in through the roof structure," adds Wiltshire.

Debbie Caplin, project leader for developments in the precinct, says there is growing interest in office space in the node, as a result of the upliftment of the retail, commercial and hospitality space there: "Vacancies in Rosebank are low and nominal rentals are improving. A-grade office space is extremely limited."