JSE-listed real estate investment trust Emira Property Fund and its partner Feenstra Group have completed the residential conversion of The Bolton, in Rosebank.
Following the two-year development, Emira confirmed that more than 95% of the apartments have already been let.
Emira converted two office property assets, which petrochemicals giant Sasol had occupied for many years, into one residential property.
“The conversion into residential apartments came with a unique set of challenges, especially as work had to be designed around the constraints of existing structures. The phased construction programme also called for flexibility to minimise any unnecessary disruption to tenants as they started moving in and until the dust settled,” Emira COO Ulana van Biljon said on Wednesday.
Based on the success of The Bolton, Van Biljon confirmed that the company would consider similar investment opportunities as it was part of a diversified property portfolio strategy.
“We will continually evaluate our office buildings for value-add opportunities, including alternative uses and conversions, and to the extent that they meet our criteria then we will pursue accordingly.”