|
Several old buildings in Braamfontein are being converted into flats, both upmarket and affordable, that are attracting people back into the area.
THE face of Braamfontein is changing: over the past five years this once-lifeless area has begun returning to its golden years as a place where people live, work and play.
The face of Braamfontein is changing
Already there had been significant movement, following the establishment and success of the Braamfontein Improvement District (BID), said Simon Rubin, the marketing director of Aengus Property Management.
The BID is a city improvement district, whereby property and business owners in the area pitch in and add to City services in a bid to upgrade it. The aim in Braamfontein is to revive it and once again make it an attractive suburb.
In 2002, the Johannesburg Development Agency and City council invested R13-million in a regeneration programme in Braamfontein. These funds have been increased through private sector investment.
"This area will continue to grow from strength to strength as the catalyst for the inner city's revival," said Rubin. Among the projects revitalising Braamfontein are the conversions of old buildings into flats. This is taking place alongside the public sector investing hundreds of millions of rands in the Gautrain and the Rea Vaya Bus Rapid Transit system.
"We feel there is a growing demand for luxury accommodation in this area," said Rubin. "The demand is for upmarket accommodation close to the business hub of Braamfontein and the [inner city]. We have 100 percent occupancy in all of our buildings."
YMCA Flats
His company bought and has converted the old YMCA building, on the corner of Rissik and Smith streets, into flats and retail stores. It has 119 residential units, 4 000m2 of commercial space and 400m2 of retail space.
The YMCA flats will be fully furnished
The units are fully furnished and rent is from R2 100 a month. Retailers are expected to benefit as there are between 20 000 to 30 000 people working close to the building.
"The apartments are for employees of large corporates who work in the Braamfontein area and the surrounds. The commercial space has been largely taken up by the media and advertising industry," said Rubin.
YMCA Flats is in a "great location in Braamfontein and will be one of the closet buildings to Gautrain Park Station". The flats are also close to the Johannesburg Theatre Complex, the Civic Towers and Eskom's downtown offices.
"The building has a long history in Johannesburg and we are very proud to be involved in its revival."
Braamfontein Lofts
The YMCA is not the only building with the Aengus Property Management stamp. It has also converted into residential units the old Perm Bank building at 32 Biccard Street.
When the company bought the six-storey building it was vacant. It now consists of 54 bachelor and one-bedroom flats and eight retail stores at street level. It has 24-hour security and a manager living on the premises.
One Biccard is now a residential building
"The building has an excellent location in central Braamfontein. [It is] close to the major corporates and businesses in the area as well as the University of the Witwatersrand," said Rubin.
"This was our first building that was converted in 2005 and it was fully let within 48 hours of going to market. [It] has a 100 percent occupancy rate with waiting lists."
One Biccard
Other companies are also in on the act. One Biccard, the old Siemens head office, has been converted into furnished residential units through Stay South Point.
"We converted the building when we became aware of the increased demand for affordable, secure inner-city accommodation," said the group's Sharon Mans.
"The rental includes furniture [fridge, stove, TV, couches, dining-room table and chairs, bed] and 24-hour security. Electricity works on a pre-paid basis.
"There is a gym under construction in the building which should be opening around August and will be free for residents; we are also opening a crèche in the building which should be running from 1 July."
Stay South Point's main business is student accommodation, but this set up is aimed at people who are just starting out in the working world. "The idea is to provide more mature accommodation for people starting their first jobs or young couples," said Mans.
Related stories:
|
