DEVELOPMENTS in the Rosebank business precinct are set for a further boost with work to start soon on a R170m development project by Old Mutual Investment Group Property Investments.
The group says the project will see an Edgars store opening in Rosebank for the first time and will bring the value of the group’s developments in the precinct to almost R800m.
A R623m mixed-use project consisting of retail space, a 160-room hotel, a five-level basement parking garage and loft offices is already under way on a site on Tyrwhitt Mall and Cradock Avenue.
This site is bordered by the Hyatt Hotel and The Firs and The Zone@Rosebank shopping centres.
The R170m development, which will house a 6000m² Edgars store and three levels of offices, will be on the site of the Mutual Square property fronting onto both Oxford Road and the Cradock Avenue car park.
“This is a further phase in our strategy for the Rosebank precinct. It will also take advantage of the opportunities presented by having a Gautrain station as part of the offering. The Gautrain station entrances and exits are positioned at the entrance to Mutual Square, on Oxford Road, as well as the entrance of Tyrwhitt Mall,” says Brent Wiltshire, property development executive for Old Mutual Investment Group Property Investments.
Business Day reported last week that Investec Property had invested R500m in the Rosebank node with its acquisition and redevelopment of The Firs shopping centre, offices and The Hyatt hotel.