MORE investment is being poured into the CBD

MORE investment is being poured into Jewel City, the diamond trading precinct on the eastern edge of the inner city.

The new developments will change the face of Jewel City This comes after private companies and the Johannesburg Development Agency (JDA) undertook upgrades to the area some four years ago.

Jewel City takes up four blocks, bounded by Commissioner and Main streets in the north and south, and Berea and Phillip streets in the east and west. In the latest work, R40-million is being spent on refurbishments, anchored by Redefine Properties Limited, a Johannesburg Stock Exchange listed company. Work is scheduled to be completed by the end of the month.

It involves the restoration of an old warehouse into new head offices for the Diamond Board and State Trader Association, as well as a new sign-on station, a new entrance and exit, and additional parking. Once work is finished, tenants will have their own staff parking with a separate entrance.

There will also be X-ray scanners at the photograph identification entry point for visitors. They will have to pass through here to get into the secure precinct.

This small corner of the city houses workshops and offices for about 300 diamond dealers – about R7-billion changes hands each year in the precinct. Gems are received and processed at Jewel City from Angola, Democratic Republic of Congo and Botswana.

Polished diamonds

It attracts more the 400 daily visitors interested in buying cut and polished diamonds. It’s also home to the regulatory Diamond Board and State Trader Association.

To encourage trade in Jewel City, the property company has reconfigured some of the existing space to create a new 76m² retail shop, the first of many more retail outlets planned for the precinct.

Redefine Properties has already completed a R30-million extension to the new head office of the Diamond Board and the State Trader. Its development manager, Mike Ruttell, says the upgrades form part of the critical inner city renewal project.

It has also created a parking bay area for about 137 vehicles. Apart from that, Redefine will be spending an additional R10-million.

Ruttell explains that the Diamond Board has moved into Regulator House, which has been increased in size from 1 630m² to 2 480m². The expansion includes the provision of a secure loading bay. More space has been created for the State Trader, which occupies 600m².

Jewel City, the entrance to which is on Main Street, has also increased its security.

Melrose Arch

The precinct has existed for 21 years. In 2006, it was on the brink of moving north to Melrose Arch, but the JDA stepped in to revamp the entire area. The first phase was to clean up the precinct, and in 2007 the agency spent R14-million on giving it an identity of its own.

The revamp involved street upgrades; artwork; new lighting; street furniture like benches, paving and kerbing; trees; and gateways at its entrances.

The four-block area, consisting of a number of buildings, was once divided down the middle by a high wall and owned by two parties: Apex Hi and a private stakeholder, who wishes to remain anonymous.

At the time of the JDA refurbishment, David Rice, the managing director of Apex Hi, said that he expected to clean up and expand Jewel City by buying up properties on Phillip Street and creating more parking.

It is surrounded by tall metal gates and high security electric fences, as well as floor-to-floor security clearance. It is neatly positioned between the M2 Highway’s on- and off-ramps. Three blocks of Fox Street and two blocks each of Phillips and Greene streets are inside the precinct.

Its neighbours are motor industry workshops and the Fashion District.

Gapp Architects and Urban Designers were called in for the JDA revamp. Architect Mbongeni Ngulube said at the time that the company had tried to accommodate pedestrians and traffic in the redesign.

 

MORE investment is being poured into the CBD

MORE investment is being poured into Jewel City, the diamond trading precinct on the eastern edge of the inner city.

The new developments will change the face of Jewel City This comes after private companies and the Johannesburg Development Agency (JDA) undertook upgrades to the area some four years ago.

Jewel City takes up four blocks, bounded by Commissioner and Main streets in the north and south, and Berea and Phillip streets in the east and west. In the latest work, R40-million is being spent on refurbishments, anchored by Redefine Properties Limited, a Johannesburg Stock Exchange listed company. Work is scheduled to be completed by the end of the month.

It involves the restoration of an old warehouse into new head offices for the Diamond Board and State Trader Association, as well as a new sign-on station, a new entrance and exit, and additional parking. Once work is finished, tenants will have their own staff parking with a separate entrance.

There will also be X-ray scanners at the photograph identification entry point for visitors. They will have to pass through here to get into the secure precinct.

This small corner of the city houses workshops and offices for about 300 diamond dealers – about R7-billion changes hands each year in the precinct. Gems are received and processed at Jewel City from Angola, Democratic Republic of Congo and Botswana.

Polished diamonds

It attracts more the 400 daily visitors interested in buying cut and polished diamonds. It’s also home to the regulatory Diamond Board and State Trader Association.

To encourage trade in Jewel City, the property company has reconfigured some of the existing space to create a new 76m² retail shop, the first of many more retail outlets planned for the precinct.

Redefine Properties has already completed a R30-million extension to the new head office of the Diamond Board and the State Trader. Its development manager, Mike Ruttell, says the upgrades form part of the critical inner city renewal project.

It has also created a parking bay area for about 137 vehicles. Apart from that, Redefine will be spending an additional R10-million.

Ruttell explains that the Diamond Board has moved into Regulator House, which has been increased in size from 1 630m² to 2 480m². The expansion includes the provision of a secure loading bay. More space has been created for the State Trader, which occupies 600m².

Jewel City, the entrance to which is on Main Street, has also increased its security.

Melrose Arch

The precinct has existed for 21 years. In 2006, it was on the brink of moving north to Melrose Arch, but the JDA stepped in to revamp the entire area. The first phase was to clean up the precinct, and in 2007 the agency spent R14-million on giving it an identity of its own.

The revamp involved street upgrades; artwork; new lighting; street furniture like benches, paving and kerbing; trees; and gateways at its entrances.

The four-block area, consisting of a number of buildings, was once divided down the middle by a high wall and owned by two parties: Apex Hi and a private stakeholder, who wishes to remain anonymous.

At the time of the JDA refurbishment, David Rice, the managing director of Apex Hi, said that he expected to clean up and expand Jewel City by buying up properties on Phillip Street and creating more parking.

It is surrounded by tall metal gates and high security electric fences, as well as floor-to-floor security clearance. It is neatly positioned between the M2 Highway’s on- and off-ramps. Three blocks of Fox Street and two blocks each of Phillips and Greene streets are inside the precinct.

Its neighbours are motor industry workshops and the Fashion District.

Gapp Architects and Urban Designers were called in for the JDA revamp. Architect Mbongeni Ngulube said at the time that the company had tried to accommodate pedestrians and traffic in the redesign.

 

Estate agents are reporting an increased interest in property in South Africa due to the weakling Rand. The rand has declined sharply since May making property in the country more attractive to overseas buyers.

Luxury homes in South Africa selling well

Property Abroad reports that ‘South Africa is seen as being a safe haven in which to invest; its stable banking system and growing economy a world away from the Eurozone crumbling under debt.’

Luxury homes in South Africa are proving particularly popular with foreign buyers.  The website reports that sellers of luxury homes are often prepared to be patient when selling, meaning that high value homes have tended to retain their values, particularly as buyers tend to put down a large deposit.

Johannesburg is currently one of the most popular locations with buyers, partly because the cost of luxury homes in the city is relatively low compared to similar properties in other major global cities.

Both foreign and domestic demand for property in South Africa increasing

In addition to overseas buyers tempted by the weakness of the rand, domestic demand for luxury homes is also on the increase.  Research from Credit Suisse has estimated that the number of dollar millionaires in South Africa will more than treble over the next five years, from 71,000 to almost 250,000.  This increase in wealth will also drive the demand for high end homes.

However, while there remains high demand for luxury homes from both overseas and domestic buyers, the low to medium end of the property market in South Africa is picking up more slowly.  A recent survey found that there was a rise in demand for property in the country as well as an improved level of confidence amongst estate agents, although the increases were slight.