Johannesburg's turnaround strategy has been a catalyst for further improvements and increased confidence in the inner city, said Sipho Shabangu, leasing and sales broker for independent property services group JHI Properties, on Wednesday.
The city's turnaround strategy was adopted in early 2000. It led to significant infrastructure developments including new taxi ranks, the Rea Vaya bus rapid transit system and revamped residential accommodation.
"Various projects are either completed or underway in the CBD, Braamfontein, Newtown and the Empire Road area in Parktown," said Shabangu.
"A further symbolic sign that that the city is coming alive is the refurbishment of the Johannesburg City Hall, in order to accommodate music events and meetings," he said.
The installation of CCTV cameras, coupled with visible policing, had helped areas such as Braamfontein see an increase in demand for both office and residential accommodation, suggested Shabangu.
He said good news for the city was that planning was in progress for "an impressive new mixed-used development" to be known as Stimela Square, situated at the corner of Sauer and Hall Streets on the southern fringe of Johannesburg CBD.
"This landmark project creates a 'city' in one block, comprising offices, retail and a hotel in one consolidated development," he said.
The completion of the Gautrain station at Park Station in Braamfontein boded well for stimulation of a higher demand for office accommodation in the area, said Shabangu.
Shabangu noted that the expansion of Empire Road and the construction of a bus rapid transit station would serve to facilitate accessibility to the M1 for both private and public transport users, providing "another positive for the commercial property market in the area".
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