Growthpoint, partners to convert Bedfordview office building into housing
JSE-listed Growthpoint Properties, in a joint venture with Setso Property Fund (49%) and in collaboration with BlackBrick Hotels, will be undertaking the R200-million residential conversion of its Riverwoods office park in St Andrews, Bedfordview.
The development is a response to the surplus of office space in the market and the scarcity of residential space, especially for a new and upcoming generation of first-time buyers.
The conversion is aimed at making a positive contribution to society and the environment, reducing urban sprawl and carbon emissions by eliminating both new land and energy use, Growthpoint says.
In its current form, the 35 000 m2 site has 10 000 m2 of space to repurpose in six two-storey buildings.
These buildings will be home to more than 250 studio and one- and two-bedroom apartments clustered around a social central courtyard with a water feature, surrounded by lawns, and featuring a clubhouse, pool, collaborative workspace and more.
“With little alteration and no additional development bulk, Riverwoods lends itself to residential conversion. By retaining the structure and many raw materials, we are conserving energy and reducing carbon emissions,” says Growthpoint Development manager Michiel Gerber.
Setso, which specialises in office-to-residential conversions, is the development partner behind BlackBrick Apartments and Hotels’, with two successful developments in Fredman drive, Sandton — both converted from offices.
BlackBrick Bedford’s serviced long- and short-stay residential units at Riverwoods will feature facilities and services at accessible prices. BlackBrick will also manage the hotel and residential sectional title units.
BlackBrick Bedford is in St Andrews, adjoining the suburb of Senderwood.
Once the redevelopment is complete, Growthpoint will exit its investment in Riverwoods.
BlackBrick Bedford residential is scheduled to launch on March 5.
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