The cranes are back in Sandton

For a number of years now, the skyline of Sandton – the economic heart of Johannesburg, if not the country – has stood still.

It has been suggested that this has been a symbol of Joburg’s steady decline as successive administrations have mismanaged the metro. In more recent times, chaotic and fragile coalitions haven’t helped.

A glut of office space in the node means it is extremely unlikely that any sizeable new developments will be undertaken any time soon.

Growthpoint, the biggest landlord in the country, says its vacancies in Sandton (which comprises 22% of its total portfolio) are at 16%.

This is higher than its vacancies nationally (14.6%), but lower than the Gauteng average of 18.5%. Still, this rate remains far, far below the peak of 28.7% in its 2023 financial year. This reduction has been driven by both letting activity as well as disposals.

Major projects underway

Within the Sandton CBD itself, there are two major projects underway.

The construction of AdvTech’s new R420 million Emeris campus on Grayston Drive is all but complete, with contractors scrambling to apply finishing touches ahead of the annual builders’ shutdown from mid-December.

Doors will open at the mega-campus, which will accommodate 9 000+ students, in January. This site will see Varsity College in Sandton, Vega (Bordeaux), and MSA brought together into one entity.

Further down Grayston Drive, the site of the former City Lodge Hotel (on the corner of Katherine Street) has two visible cranes up at The Astra. The site is being developed by Africrest Properties and will see 260 residential to-let units added.

Africrest is busy with another larger project on the northern edge of Sandton at Charles Crescent (corner of Katherine and Marlboro Drive), called The Enigma, which will have more than three times the number of apartments as The Astra.

This, says Africrest director Justin Blend, is part of a “massive residential development wave that is bringing new life to the city’s core”.

Beyond the confines of greater Sandton, it has cranes up at projects in Oaklands (to the southeast of Sandton), Ferndale in Randburg, and in the Joburg CBD itself.

Residential boom 

In all, Africrest’s pipeline is set to deliver over 4 000 new rental apartments within the next 12 months, bringing its total portfolio across Joburg to over 10 000.

Its projects are a response to the evolving needs of the modern young professional seeking secure, facility-rich living, close to their workplace at an attainable price.

“By transforming vacant, centrally located office buildings into vibrant residential communities, the company is tackling Johannesburg’s housing shortage – one crane at a time,” says Blend.

“The impact reaches far beyond the skyline. Each construction site represents hundreds of jobs and millions of rands being spent in the supply chain, stimulating economic activity.”

Listen/read: Tricolt’s high-rise apartment ambitions, from Johannesburg to Cape Town

Beyond Africrest’s developments, there remain two cranes visible at the Sandton Gate mixed-use development on Winnie Mandela Drive (near Sandton Drive). This will see a convenience centre with a Checkers, Woolworths Food and Dis-Chem added in 2026, along with additional office space.

Redefining the skyline

There are one or two cranes visible at other developments in Bryanston and Rivonia, while Waterfall City will see cranes across its skyline for at least the next decade on both the Mall of Africa side of the N1 highway where developments continue, as well as on the opposite side, where ground has broken on an ambitious new logistics park (up Allandale Road).

However, it’s the biggest new development in Sandton in almost a decade that will see the skyline redefined.

Work has begun on the iconic R2 billion Olympus Sandton high-rise luxury residential project, nestled between the Discovery head office and the LXX Sandhurst shopping centre.

Given the site’s prime location and the project’s scale, these cranes will be visible from practically any point in Sandton for the next two years.

Amenities

Joint venture partners Tricolt and Growthpoint have achieved R1.2 billion in apartment sales to date, and the developers will build both towers simultaneously (the project had been designed so that these could be developed separately, in line with demand).

Apartments are listed at between R1.79 million and R5.25 million, with penthouses starting at just over R14 million.

Olympus Sandton will include a Marble Restaurant on the 18th floor, with a Pantry by Marble convenience and fresh food store on the ground floor.

In addition, the Marble Hospitality group, which has steadily expanded its portfolio in recent years (Saint and Zioux in Sandton, Marble at the V&A Waterfront, and Pantry by Marble in Rosebank and Hazelwood, Pretoria) will open a 32-room luxury hotel across two full floors of the second tower.

Read:
Marble Hospitality confirms its first 5-star hotel foray in Sandton
How Sandton City achieved its 99.9% occupancy rate
With over R1.2bn in sales, Olympus Sandton breaks ground

Follow Moneyweb’s in-depth finance and business news on WhatsApp here.