Urban excellence is emerging with prime Sandton mixed-use development
- 750 Views
- 24 April 2023
Divercity Urban Property Group is excitedly watching the unfolding of its ground-breaking Barlow Park development in Sandton, the country’s first truly affordable rental precinct in a premium node.
The construction, which began in June 2022, is going full steam ahead, as planned, with the basements now complete and the building of the top structures underway, reports Jonathan Reader, Divercity’s Chief Investment Officer.
Furthermore, the central lift core of the first two residential buildings has reached above the halfway mark of their 12 floors in total.
“The first 750 rental apartments are launching in February 2024, alongside a new Curro School. The 5,500sqm of retail space in a vibrant, open-air neighbourhood centre is more than 90% let, with key stores being tenanted by Checkers, Clicks, Mr Price, PEP Home, and PnP Clothing. There is also an exciting set of fast food and restaurant operators on the cards,” says Reader.
Divercity believes so strongly in this R3bn development that it will be starting construction of Phase 2 – a further 860 apartments – in the next three months.
The marketing and leasing of apartments will commence in the second half of this year, so watch this space!
Barlow Park is a perfect fit for Divercity as South Africa’s leading investor in well-located and affordable housing. Our precinct investment approach creates pockets of urban excellence, which support stable income yields and long-term capital growth.
In the case of Barlow Park, the transformative development will offer 2,100 affordable residential units in five apartment blocks. Residents will have access to free amenities, including a recreation centre, clubhouse, pool, business centre, coffee shop, lush green spaces, gym, and sports facilities.
“This will be the first truly affordable rental precinct in such a premium node and will offer unmatched value for residential tenants. It is the breakthrough in the housing landscape that many South Africans have been waiting for and a new benchmark in quality, affordable pricing, exceptional location and diverse amenities for its residents and surrounding communities.”
The Barlow Park precinct – which boasts views over Innisfree Park and of the Sandton skyline, is well-located close to the Sandton CBD, and offers access from Katherine Drive. The N1 freeway is also adjacent to the site, close to both the Grayston and Marlboro off-ramps.
Reader points out that the precinct is also situated on various public transport routes with stops within walking distance, making it superbly accessible for commuters. Katherine Street plays a vital public transport role, with various bus services and mini-bus taxis passing through.
The development is being led by Divercity and Atterbury, in partnership with Barloworld, Twin City, and the Moolman Group.
“We are extremely excited about this project. We believe that the mix of retail, school and residential offerings within the Barlow Park precinct, as well as its location in Sandton, will make Barlow Park a desired lifestyle choice,” says Armond Boshoff, CEO of Atterbury Property.
Reader adds, “We are very proud to bring this trail-blazing development to the market.”