Construction World February 2020

PROJECTS & CONTRACTS

The Bolton’s residential CONVERSION IN ROSEBANK The development of Emira Property Fund’s residential conversion, The Bolton, in Rosebank is complete after a two-year project, and its stylish apartments are already more than 95% let.

A t the end of this two-year project, Emira is pleased with the UHVXOWV RI LWV ͤUVW IRUD\ LQWR UHVLGHQWLDO SURSHUW\ 8ODQD YDQ %LOMRQ &22 RI (PLUD ̸7KH %ROWRQ LV FHUWDLQO\ OLYLQJ XS WR RXU H[SHFWDWLRQV for this landmark conversion. The letting, rental levels and overall management are doing well. By partnering on the project with OHDGHUV LQ WKH ͤHOG LWV RQJRLQJ VXFFHVV LV HQVXUHG ̹ The chic urban lifestyle offered by The Bolton is the result of (PLUD̵V YDOXH HQKDQFLQJ FRQYHUVLRQ RI WZR 5RVHEDQN RͦFH SURSHUW\ assets, which were consolidated into one and which Sasol occupied for many years. The JSE-listed REIT co-invests with respected KDQGV RQ VSHFLDOLVWV LQ WKHLU ͤHOGV DQG LQ WKH FDVH RI 7KH %ROWRQ residential conversion, Emira’s partner the Feenstra Group added LWV UHVLGHQWLDO GHYHORSPHQW DQG SURSHUW\ PDQDJHPHQW H[SHUWLVH to the project. The conversion into residential apartments came with a unique set of challenges, especially as work had to be GHVLJQHG DURXQG WKH FRQVWUDLQWV RI H[LVWLQJ VWUXFWXUHV 7KH SKDVHG FRQVWUXFWLRQ SURJUDPPH DOVR FDOOHG IRU ͥH[LELOLW\ WR PLQLPLVH DQ\ unnecessary disruption to tenants as they started moving in and until the dust settled. The Bolton stands out from other residential accommodation in Rosebank, offering all the amenities – swimming pool, cinema, meeting rooms, free WiFi and more – but with smaller units that come at more palatable rentals for many. ̸7KH %ROWRQ KDV UHVRQDWHG ZHOO ZLWK LWV WDUJHW PDUNHW RI \RXQJ professionals, by actively marketing the apartments on digital and social media, it earned strong interest and demand. It has attracted residents mainly in their early 30s from a range of professions from advocates and accountants to medical and health professionals, EDQNHUV DQG EXVLQHVV RZQHUV̹ FRQͤUPV 9DQ %LOMRQ There are also a limited number of furnished, serviced units at 7KH %ROWRQ VSHFLͤFDOO\ IRU FRUSRUDWH WHQDQWV LQ WKH DUHD ZKLFK DUH

proving popular. Undoubtedly, The Bolton’s appeal also comes from LWV H[FHOOHQW SUR[LPLW\ WR D ZLGH UDQJH RI SODFHV RI ZRUN DQG UHWDLO commuter routes, the Rosebank Gautrain Station and amenities. Its on-site advantages are boosted by Rosebank being an attractive area to live in, with its vibrant shopping and socialising SODFHV ̸7KH %ROWRQ LV DQ LGHDO UHVLGHQWLDO LQYHVWPHQW IRU (PLUD̵V FULWHULD LW KDV WKH ULJKW ORFDWLRQ WKH ULJKW VL]H DQG WKH ULJKW PDUNHW and is proving to be a good investment that enhances Emira’s UHVLGHQWLDO SURSHUW\ LQYHVWPHQWV̹ QRWHV 9DQ %LOMRQ Emira’s latest set of results pin its residential rental property KROGLQJ DW RI LWV WRWDO DVVHWV LQFOXGLQJ 7KH %ROWRQ DQG LWV VWDNH LQ -6( $OW ; OLVWHG 7UDQVFHQG 5HVLGHQWLDO 3URSHUW\ )XQG %DVHG RQ WKH VXFFHVV RI 7KH %ROWRQ YDQ %LOMRQ FRQͤUPV WKDW it will consider similar investment opportunities as it is part of a GLYHUVLͤHG SURSHUW\ SRUWIROLR VWUDWHJ\ ̸:H FRQWLQXDOO\ HYDOXDWH RXU RͦFH EXLOGLQJV IRU YDOXH DGG RSSRUWXQLWLHV LQFOXGLQJ DOWHUQDWLYH XVHV DQG FRQYHUVLRQV DQG WR WKH H[WHQW WKDW WKH\ PHHW RXU FULWHULD WKHQ ZH ZLOO SXUVXH DFFRUGLQJO\̹ VKH VD\V (PLUD LV D PHGLXP FDS GLYHUVLͤHG -6( OLVWHG 6$ 5(,7 WKDW LV LQYHVWHG LQ D TXDOLW\ EDODQFHG SRUWIROLR RI RͦFH UHWDLO LQGXVWULDO DQG UHVLGHQWLDO SURSHUWLHV $W -XQH LWV GLUHFWO\ KHOG DVVHWV comprised 80 properties valued at R10,9-billion. It also invests LQGLUHFWO\ LQ ORZHU /60 VKRSSLQJ FHQWUHV YDOXHG DW 5 ELOOLRQ WKURXJK LWV H[SRVXUH WR (Q\XND 3URSHUW\ )XQG ,W DOVR KDV D KROGLQJ LQ -6( $OW; OLVWHG 7UDQVFHQG 5HVLGHQWLDO 3URSHUW\ )XQG (PLUD LV LQWHUQDWLRQDOO\ GLYHUVLͤHG WKURXJK LWV LQYHVWPHQW LQ $6; OLVWHG *URZWKSRLQW 3URSHUWLHV $XVWUDOLD *2= YDOXHG DW R759,7-million, and its equity investments in nine grocery-anchored open-air convenience shopping centres with a combined value of USD75,9-million through its USA subsidiary. ƒ

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CONSTRUCTION WORLD FEBRUARY 2020