Opportunities in Braamfontein and Johannesburg CBD
Category Property Markets
One should not really think of the Johannesburg and Braamfontein CBD area as the main CBD of the metro anymore, says Ross Cornish, Licensee for Seeff Johannesburg CBD.
Where it was the main business district some thirty years ago, this has completely changed. As the city expanded with more business and residents, several CBD nodes have developed such as Rosebank around the Gautrain station, Sandton/Rivonia, Randburg, Bryanston and Fourways, Midrand and so on.
The CBD/Braamfontein area has similarly evolved to meet the changing needs of the residents of the metro. It has transformed into a vital residential hub with small and medium-sized commerce, lifestyle enterprises, restaurants and the like developing to support the residential growth.
The area boasts several advantages which has boosted the evolution of the area, he says further. Here, you will find the largest transport hub which feeds the rest of the greater Johannesburg and outer arears. This includes taxis, rail, bus and both formal and informal transport ranks.
It is a significant high-density area, offering the opportunity for accommodation at affordable prices which has been an enormous boost for residential demand, but also commercial. Additionally, the proximity to Wits University, the University of Johannesburg and other colleges, makes it ideal for student accommodation, further boosting opportunities in the area.
Additionally, as the area changed character to more residential, it in turn boosted demand for commerce and leisure businesses to support the growing residential population. Now, the area boasts a vibrant character and has become a microcosmos for Africa’s most vibrant city.
Many old commercial buildings have been redeveloped into accommodation to meet the growing residential demand and he says that there are many more opportunities. This reimagining has been a vital development to ensure that there is inner city accommodation to meet the residential needs of the metro as well as micro, small and medium enterprises to cater for the needs of the residents.
The development has in turn spurred further growth, resulting in trendy pockets with popular shops, restaurants and bars such as the Maboneng Precinct and the Neighbourgoods Market which have become tourist landmarks.
From an affordability perspective, you can find commercial property from around R29/sqm in the city centre to about R120/sqm in Braamfontein. Residential room rentals range from about R800 to R1,000 per month in the Hillbrow area. Braamfontein furnished rentals range from about R3,500 to R4,000, depending on the furnishings and facilities. Flats start at about R2 000 and range from about R4,000 to R8,000 per month for redeveloped and refurbished units.
Contact Seeff CBD/Braamfontein on 011 403 1970.
Author: Gina Meintjes
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