REAL ESTATE
Emira upbeat over conversion of office block to residential units
The company is converting an office building in Rosebank into a residential building housing 280 apartment units
Emira Property Fund is confident that its first asset conversion of a property from office to residential will succeed and that this will prompt the company to complete more value-enhancing property conversions. The company is converting an office building in Rosebank into a residential building housing 280 apartment units aimed at professionals working in the node. Emira’s CEO, Geoff Jennett, said the cost of the conversion was slightly more than R200m. Following completion, the residential development would be worth about R250m. "Residential real estate should form part of any property investor’s diversified portfolio. It is part of the life cycle of an office property…. We want to reduce our office component and we are starting with our building in Rosebank," said Jennett. Emira would launch the development between April and June 2018, charging monthly rentals of R6,000-R9,000 for the 30m²-50m² units. "You start off with one conversion project like this and you learn. Your next s...
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