Growthpoint Properties Limited (JSE: GRT), South Africa’s leading real estate investment trust (REIT), today announced it is commencing a landmark residential and retail development, Olympus Sandton, in partnership with leading luxury residential developer Tricolt.
Olympus Sandton will be situated in the mixed-use Sandton Summit precinct, anchored by the Discovery Head Office on the corner of Rivonia Road, where Katherine Street becomes Sandton Drive. This strategic investment aligns with Growthpoint’s vision to create South Africa’s premier walkable mixed-use precinct, capitalising on Sandton’s status as Africa’s leading financial district.
Growthpoint has been rolling out different elements of the Sandton Summit vision for over a decade now, and Olympus Sandton is its first development positioned to capture the increased demand for residential property in Sandton Central.
The R2bn-plus Olympus Sandton development will comprise two towers. The first residential tower of 26 storeys will be the first phase of the development along Rivonia Road. It will include a premium dining experience from Marble Hospitality Group on one of the tower’s upper floors, as well as its extraordinary Pantry convenience retail offering in Grade-A ground floor retail space. The second phase is a tower of at least 16 storeys, located east of the first.
The sale of the development’s more than 400 residential apartments by Tricolt has commenced and will launch to the public on 27 February 2025, with prices starting from R1.49m. Together Growthpoint and Tricolt will retain ownership of the two retail sections of the tower. Construction of Olympus Sandton is estimated to start in the latter half of 2025.
Sandton Summit is situated at the crest of Sandton Ridge, which is the high point of the area. Olympus Sandton’s 26-storey tower, although not the tallest building in the area, will become the highest in Sandton, offering unmatched views across Johannesburg and beyond.
Neil Schloss, head of asset management South Africa at Growthpoint Properties, says: “We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central, and aligned with its accelerated transformation into a vibrant neighbourhood as it evolves with the trend of people wanting to live closer to workplaces and amenities, to offer an exceptional mix of residential, office, retail and other types of properties.”
Timothy Irvine, Growthpoint’s Head of Asset Management for Offices, adds, “Sandton is experiencing a significant revival. After years of office downsizing, companies are now maintaining their physical presence and even starting to grow it again as return-to-office becomes standard practice. Vacancy rates in Growthpoint’s office portfolio are declining nationwide, with Sandton – the country’s cosmopolitan business capital – showing the start of a particularly promising recovery. Despite a slow initial post-pandemic resurgence, the district is adapting not only its office spaces to meet growing demand but its entire lifestyle, with more living and gathering spaces.”
Growthpoint is among those leading Sandton Central into an even more vibrant future. Taking advantage of other opportunities arising from increased demand for residential property in Sandton Central, in line with the trend of living closer to offices, Growthpoint also recently sold its 151 on 5th building in Sandton to a residential developer. Growthpoint is also investing in taking Sandton into a new green era with its revolutionary e-co2 solution launching at 10 Sandton office buildings in mid-2025. The e-co2 scheme will provide tenants with access to wheeled renewable hydro, wind and solar electricity at fixed escalations, sharing the benefits of Growthpoint’s milestone Power Purchase Agreement (PPA) for renewable energy, with which it secured 195GWh of green power.
This is one of several projects Growthpoint is undertaking that will make Sandton Central even more friendly for people, businesses and the environment.
Olympus Sandton’s striking and innovative design matches its prominent position on the Sandton skyline. It was created through collaboration between Australian architectural practice ClarkeHopkinsClarke (CHC) and one of South Africa’s foremost architectural studios, dhk Architects, and will be developed jointly by Growthpoint and Tricolt – all award-winning leaders in their fields.
Growthpoint’s development team has an established record of excellence in investment-grade commercial property development, which also extends to a signature range of residential developments. This includes its Riverwoods office-to-residential conversion to BlackBrick Bedford, various award-winning purpose-built student accommodation developments, and its recently completed major residential development, the fully sold-out The Kent, La Lucia, in KwaZulu-Natal.
The design of Olympus Sandton incorporates advanced sustainable building practices, including post-tension slabs and smart energy management systems, aligning with Growthpoint’s environmental, social and governance (ESG) commitments, including its 2050 carbon-neutral goal. The Olympus Sandton development will target at least a 4-Star Green Star rating from the Green Building Council of South Africa (GBCSA).
“Pedestrianised mixed-use precincts have tremendous environmental benefits, particularly when they are so well located, by reducing carbon emissions as a result of less private vehicle travel and traffic. Olympus Sandton is the next step in bringing our vision for Sandton Summit to life and delivers on our commitment to creating sustainable developments that deliver exceptional amenities for their uses and long-term value for our stakeholders,” says Schloss.
The best-known mixed-use asset in Growthpoint’s investment portfolio is the iconic V&A Waterfront, of which Growthpoint is a 50% owner. It also owns several other precincts and parks in its South African portfolio, such as the Longkloof precinct in Cape Town’s vibrant Kloof Street area of Gardens. Spanning 21,164 sqm, this multi-use property has become a sought-after address for innovative, creative and entrepreneurial businesses, alongside the 154-room Canopy by Hilton hotel, the first in South Africa, which is set to open in late January 2025. In the vibrant Umhlanga Ridge New Town Centre, its three Green Star-rated office developments – Lincoln On The Lake, Mayfair On The Lake and The Boulevard – all offer a mix of P-grade office accommodation, ground floor retail and basement parking linked by a central landscaped courtyard with pedestrian access, and overlooking the gardens of a local park.“Olympus Sandton exemplifies Growthpoint’s strategic approach to unlocking maximum value from prime real estate assets through thoughtful market-aligned development that improves our portfolio and progresses our sustainability goals,” notes Schloss.
