The biggest conversion of an inner city office block into a quality residential rental building is under way in Doornfontein.
The 26 storey, high-rise building at 120 End Street will have 924 residential apartments ranging from studios to one and two bedroom flats. The monthly rent will range between R1500 and R3000 per apartment.
Target residents are inner city workers, students and families looking for secure, affordable rentals.
The building is to have all the trimmings and finishes of a modern, mixed use development including a ground floor with retail shops. Consideration is being given for gym and crèche facilities.
Nicholas Stopforth, Amdec Gauteng regional director, said the apartments would not be available for purchase, but were aimed at improving the availability of stock for the affordable rental market.
The building is in close proximity to the University of Johannesburg (Doornfontein Campus) and the Johannesburg CBD.
It was originally designed as a hotel, making it relatively easy to convert into a block of flats with about 30 apartments per floor. Its most recent occupant was Nedbank's treasury department.
The building was bought by Amdec Property Development together with AFHCO and Chelsea Manhattan last year. The developers say they are considering buying more buildings in the area.
Stopforth said they planned to complete 50 of the apartments by February next year and the remainder of the apartments would be rolled out over the next 14 months.