In response to increased demand for residential property in Johannesburg’s thriving Rosebank area, a new executive apartment hotel, The Capital on Bath, will be launched in January 2015.
Nedbank Corporate Property Finance is the financier behind the deal, providing R100 million to the Capital Hotel Group for the development of the hotel, which comprises 52 apartments and 100 hotel rooms.
Situated in the heart of cosmopolitan Rosebank, on iconic Bath Avenue, the apartments and rooms boast unprecedented views and impeccable finishes, while the hotel offers a gym and outdoor pool, state-of-the-art security and keyless access, a café and bar, laundry and housekeeping, air-conditioning and Wi-Fi.
Ken Reynolds, Regional Executive: Nedbank Corporate Property Finance, Gauteng, says that Rosebank has attracted much interest from savvy investors looking to invest in this rapidly growing, popular area. “Rosebank has seen much commercial development and investment since the Gautrain station was launched in 2011, and has been declared one of 35 priority areas in greater Johannesburg to receive improved service delivery and infrastructure.
In the past three years, close to R7-billion has been spent on the development of new office buildings and the refurbishment of older commercial buildings in the area, including the extension and upgrade of the Rosebank Mall. According to the Rosebank Management District, the area has become Johannesburg’s third largest high-rise business centre, after Sandton Central and the inner city.”
While commercial development and investment in Rosebank has been ongoing, there has been limited land available for residential development, which has led to increased demand for residential property in the node. Well positioned for easy access to the Johannesburg CBD, Illovo, Melrose and Sandton, Rosebank has become one of Johannesburg’s most desirable addresses for businesses and executives alike.
“In addition to the attractiveness of Rosebank itself, The Capital on Bath is within walking distance of the Rosebank CBD and the wealth of shopping and entertainment it offers; the Rosebank Gautrain station; as well as the excellent schools and private hospitals in the district. Taking all these favourable factors into account, the demand for this development is to be expected,” says Reynolds.
The Capital on Bath is the seventh in The Capital Hotel Group’s portfolio of executive apartment hotels in the greater Sandton area.
Marc Wachsberger, managing director of The Capital Hotel Group says, “We are consistently ranked number one on the STR Global Hotel Benchmark Survey for our group’s performance in Sandton. It is therefore a natural progression for us to move into Rosebank with our same core values in mind – offering brilliant basics to our corporate clients while meeting their budgets. In this regard, Nedbank has been a fantastic client and capital provider. They just get it.”
“As the leader in commercial property finance, Nedbank Corporate Property Finance is pleased to have assisted The Capital Hotel Group in realising this outstanding opportunity, and thus meeting the needs of customers in this market,” concludes Reynolds.
Nedbank Corporate Property Finance specialises in financing commercial, industrial, retail and residential development property offering loan funding to developers, owners, occupiers and investors. Tailor-made financial solutions include access to undrawn funds, interest-only periods, fixed and floating interest rates, flexible repayments and residual value transactions.
The division’s approach involves carefully matching the specific needs of the particular client and business with the skills and experience of professional property consultants. Working closely with clients on a hands-on basis, the consultants are able to provide financial solutions that anticipate and fulfil the requirement for growth and expansion.
In broadening relationships with their clients, Nedbank Corporate Property Finance offers a partnership facility, either through joint ventures or minority equity investments. Specifically, the Property Partner division seeks to identify sound commercial, industrial and retail property development projects requiring additional capital.
Nedbank has previously opened more green buildings in the country, among them the Nedbank Lakeview building in Johannesburg.