Nick Wilson
13 March 2008
Johannesburg — NEDBANK Corporate Property Finance yesterday launched a mixed-use development that will in effect be the second phase of the existing Nedbank headquarters in Sandton.
The new development, which will cost R1,4bn, is on the corner of Maude Street and Rivonia Road next to the Nedbank office.
It will provide 152 luxury apartments, about 30000m' of office space and 2500m' of retailing spread over 29 floors.
Pam Golding Properties, which is marketing the residential component called La Residence, confirmed that the units would be the most expensive off-plan apartments to go on offer in Johannesburg.
Peet Strauss , Pam Golding Properties' project co-ordinator for the residential component of the development, said the prices ranged from R27000-R41000 a square metre.
"The price goes up each floor," said Strauss.
He said prices ranged from R2,9m for a one-bedroom apartment to about R28m for the two penthouses of 788m' each.
Strauss said residential sales of just over R850m were expected.
Ken Reynolds, national property finance specialist for Nedbank Corporate Property Finance, said construction would start next month.
He said resales on some of the residential units had been higher than R40000 a square metre.
Reynolds said the bank would not let the office space as it would occupy it itself.
He said the retail space would be let to restaurants and destination retailers.
A Nedbank branch would also take a substantial portion of the retail space.
The office space was expected to be completed in the last quarter of next year.
The residential component would be completed in the last quarter of 2010.
The electricity supply crisis had spurred Nedbank Corporate Property Finance also to redesign the development to be more energy efficient.
He said the electricity supply for the new development had already been "booked" with electricity utility Eskom.
Reynolds said there would be a lot of "green" building elements in the new development.
For instance, the air conditioning system would generate more fresh air in the building and less energy would be used.
A special lighting system that allowed each worker to regulate the amount of light required for an individual working space, was also being introduced.
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