A revitalised Rosebank – Rosebank district makes headlines
Rosebank is one of Joburg’s most popular retail precincts – and the neighbourhood is exploding with new businesses, corporate and residential buildings further cementing Rosebank’s status as Joburg’s leading lifestyle destination. Financial Mail recently published an article on the revitalisation of Rosebank — Here are three key takeouts.
Catalysts for change
According to Justin Bass, MD of property group Grapnel and Chairperson of the Lower Rosebank Management District, Rosebank hasn’t always been a suburb on the rise. Quoted in the article, he noted that the area had deteriorated in the late 1990s and early 2000s due to a lack of a shared vision, a languishing economy, and tenants moving out of Rosebank to neighbouring suburbs.
The driving forces that halted this decline and started to contribute to the growth of the precinct were the arrival of the Gautrain, and subsequently, sizeable investments by the private sector. Rosebank continues to see a substantial amount of investment in new office developments, predominately around Oxford Road and the corner of Glenhove and Oxford Roads. These include mixed-use residential and retail developments, notes Bass.
Some of the corporate stalwarts with offices in the neighbourhood include Anglo American, Standard Bank, Life Health- care, BP, Redefine and Coke among others. There’s also a significant rise of shared workspaces such as Mesh Club, WeWork, Perch, Regus and Workshop17 that bring masses of professionals to the area.
Rosebank as a lifestyle, retail and residential destination
While most precincts are challenged with vacant spaces and dwindling foot traffic, Rosebank is buzzing. Cafés and restaurants spill out onto the streets, making the precinct vibrant, and new stores are opening their doors and continually adding to the reality of a “live- work-play precinct” that is highly attractive to young professionals and other audiences.
The Blend Property Group has added significant investment into Rosebank over the past few years. Its most recent project is The Bank, a mixed-use development that includes Voco hotel. Blend’s CEO Mark Corbishley compares the node to similar spaces in some European cities, citing that it’s safe, pedestrian-friendly and amenity rich. Sharing the same sentiment is Paul Simon, CEO of We Are Egg, who believes Rosebank is undergoing rejuvenation as a retail destination and could potentially be the next Sandton in terms of retail weight.
Developers in the node agree that people are looking for more cosmopolitan, linked urban spaces and a great addition to the area is Oxford Parks by Intaprop – an appropriately scaled, inviting and safe space.
Even with this fast-paced development, Rosebank is not exempt from blocks such as the lack of government support. The metro council’s inability to provide basic service – drainage, sewerage and road infrastructure remains a concern for developers. It is for this reason that the Rosebank Management District (RMD) has commenced the recondition of roads and pavements in the district with funds from the private sector. Despite this, RMD is open and willing to collaboration with the city for the advancement of the node.
With its combination of residential and commercial space — and its location along the commute from both Sandton and Joburg’s business district — Rosebank “really is the perfect area for an upmarket offering”, says David Higgs who is one of the people behind Keyes Art Mile’s flagship restaurant, along with super-successful Pantry, the 24-hour service station and deli offering from the Marble Group.
As the district we are delighted by the good news in the press – and continue to drive Rosebank forward.
The full article is accessible from the Financial Mail. Find out the benefits of joining the RMD here.
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