GrowthPoint, a JSE-listed company, will invest R200 million in the residential conversion of its Riverwoods business park in St Andrews, Bedfordview, in a joint venture with Setso Property Fund (49%) and in conjunction with BlackBrick Hotels. The big offices in Riverwood Office Park supplied clients with high-quality finishing. The complex had restrooms, kitchens, tight security, as well as a completely secured perimeter. The building is a reaction to the market’s excess of office space and lack of residential space, particularly for a new and rising generation of first-time buyers.
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According to Growthpoint, the conversion will benefit society and the environment by lowering urban sprawl and carbon emissions by eliminating both new land and energy usage. The 35 000 m2 property now contains 10 000 m2 of room to repurpose in six two-story structures. More than 250 studio, one- and two-bedroom apartments will be housed in these structures, which will be clustered around a communal centre courtyard with a water feature, surrounded by grass, and include a clubhouse, pool, collaborative office, and other amenities.
Efficiently Transforming Riverwoods Office Park
According to Growthpoint Construction manager Michiel Gerber, Riverwoods lends itself to residential conversion with minimal modification and no new development mass. He said the company will save energy and reduce carbon emissions by keeping the structure and various raw components. Setso, a company that specializes in office-to-residential conversions, is the development partner behind BlackBrick Apartments and Hotels, which has two successful complexes on Fredman Drive, Sandton, both of which were converted from offices. At Riverwoods, BlackBrick Bedford’s serviced long- and short-stay residential apartments will offer facilities and services at reasonable costs. The hotel and residential sectional title units will also be managed by BlackBrick.
BlackBrick Bedford is located in St Andrews, near the Senderwood area. Growthpoint will exit its Riverwoods stake after the renovation is completed. The BlackBrick Bedford residential development is set to open on March 5.
