Exterior rendering of the Olympus Sandton development. Picture: Growthpoint Properties
Growthpoint Properties, a leading South African real estate investment trust, is building a more than R2 billion, 400-unit residential and retail development, Olympus Sandton, in partnership with 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.
The investment aligns with Growthpoint’s aim to create a premier walkable, mixed-use precinct, capitalising on Sandton’s status as Africa’s leading financial district, said Growthpoint South Africa head of asset management, Neil Schloss, in a statement yesterday.
“We believe the 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,” Schloss said.
Growthpoint has been rolling out different elements of the Sandton Summit vision for over a decade, and Olympus Sandton is its first development to capture increased demand for residential property development in Sandton Central.
The 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 upper floors, as well as its Pantry convenience retail offering in ground floor retail space. The second phase is a tower of at least 16 storeys, east of the first.
The sale of more than 400 residential apartments by Tricolt had commenced, and the development would launch to the public on February 27, 2025, with prices starting at R1.49 million.
Growthpoint and Tricolt would 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 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,” said Growthpoint’s head of asset management for office, Timothy Irvine.
“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.”
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 views across Johannesburg and beyond.
To take advantage of other opportunities arising from increased demand for residential property in Sandton Central, and in line with a trend of living closer to offices, Growthpoint also recently sold its 151 on 5th building in Sandton to a residential developer.
Growthpoint was also taking Sandton into a new green era with its e-co2 solution launching at 10 Sandton office buildings in mid-2025.
The e-co2 scheme provides tenants with access to wheeled renewable hydro, wind, and solar electricity at fixed escalations, sharing the benefits of Growthpoint’s Power Purchase Agreement for renewable energy, with which it secured 195 GWh of green power.
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