Sandton skyscraper plan on track

Plans for an 85-storey skyscraper near Sandton City will go ahead when local and global economic conditions improve according to Liberty Properties. Liberty Properties, the owners of the Sandton City complex in Johannesburg say that plans to build an 85-storey skyscraper are on track but the start date for the project has not yet been finalised. Mel Urdang, director of retail and business development at Liberty says that the building is part of a master plan for the expansion of Sandton City but the timing of the various phases of expansion would be influenced by the global and local economic climate. The first phase of the R1.77 billion expansion and refurbishment of the existing centre is underway and an additional 30 000 square metre of retail space is due to open for trading in November this year. Urdang confirmed that plans for the skyscraper were still on the cards but warned that if the company was to develop an additional 30 000 square metre of office space in Sandton at this stage, it would result in a glut of available property and force prices down to unrealistic levels. The office tower – if or when it goes ahead – will be built on the corner of Fifth Street and Rivonia Road, opposite the new Gautrain station. It would be the tallest building in the country, higher than the 50-storey Carlton Centre in Johannesburg’s inner city. The third phase of Sandton’s development will see four residential blocks being built at the southern edge of the complex and these buildings will comprise between 500 and 700 residential units. Urdang emphasised that the phased development would be done in such a way that Sandton City retained its position as a vital commercial centre in Sandton particularly as there were more than 250 000 Liberty policyholders who depended on its success as their pension funds were invested in it. Referring to the new retail space, Urdang says that tenants for more than 90 percent of the additional space had signed leases and new stores included a number of international brands from Europe, Britain, Spain and Australia. – Paddy Hartdegen

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