From Boardroom to Bedroom: R90 Million Rosebank Office Block Set for Residential Makeover

In a move that signals the shifting landscape of Johannesburg’s urban property market, a major office building just off Jan Smuts Avenue in Parktown North is set to ditch its corporate attire for something more homely.

The sleek and recently refurbished Rosebank Corner, which until now housed corporate tenants, is on its way to becoming a residential development. The building was snapped up for R80 million by Live Rosebank Proprietary Limited, a company tied to a familiar name within Redefine Properties itself.

Why the Office Space Had to Pivot

Although Redefine gave the building a facelift—complete with generator backups and water tanks—the commercial real estate group ultimately concluded that office leasing prospects were simply too weak to justify keeping it as a business hub.

It’s a telling moment for Rosebank, which, despite being one of Johannesburg’s most vibrant mixed-use nodes, has not been immune to the ongoing pressures facing commercial landlords. With hybrid work models now the norm and businesses downsizing physical footprints, empty desks have become more common—even in hotspots near the Gautrain and Rosebank Mall.

Inside the Deal: Rands, Rezoning and Relationships

While the building was officially valued at R91.5 million, the sale was finalised at R80 million, taking into account the future cost of converting the space into residential apartments. For comparison, recent residential conversions in the area have fetched around R6,000/m², but this sale clocked in at R8,968/m², a premium price that reflects Rosebank’s growing appeal as a live-work-play destination.

Interestingly, the deal has raised a few eyebrows, not because of the numbers, but due to the players involved. Simon Fifield, an independent non-executive director of Redefine, also happens to be the sole director of Live Rosebank—the buyer. While the company insists the transaction was fair and above board, the overlap hasn’t gone unnoticed in property circles.

The Catch? Rezoning Comes First

The deal isn’t quite final yet. One of the major conditions is that the property must be rezoned for residential use within 20 months of the agreement being signed. If it takes longer, the price escalates by 0.65% per month, capped at 24 months.

The R1 million non-refundable commitment already paid, and the bank guarantee in place, suggest the buyer is confident rezoning will be a formality rather than a fight. But as anyone familiar with Joburg municipal processes knows, zoning timelines can be unpredictable.

What This Means for Joburg’s Property Future

Redefine’s move fits into a broader trend: recycling non-core assets and using proceeds to pay off debt. But on a city-wide level, this speaks to something bigger. Joburg is evolving, and the spaces once reserved for briefcases and boardrooms are increasingly being converted into apartments and long-term housing.

As affordability pressures mount and urban professionals seek centrally located homes with easy access to transport, shopping, and workspaces, we’re likely to see more commercial buildings repurposed to meet residential demand.

Public Reaction: A Mixed Bag

On local property forums and social media, the news drew a mixture of optimism and concern. Some residents welcome the potential for increased housing options in a walkable, transit-connected area. Others are wary of overdevelopment, traffic congestion, and the transparency of deals involving insiders.

Whats Next?

Rosebank Corner’s transformation isn’t just about one building—it’s a snapshot of Johannesburg’s shifting urban priorities. As the city adapts to new ways of living and working, spaces like this are bound to change, reflecting the beat of the times and the needs of tomorrow.

Source:Business Tech 

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