Growthpoint, a JSE-listed real estate investment trust, has announced the commencement of a landmark residential and retail development, Olympus Sandton, in collaboration with luxury residential developer Tricolt.
“We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central and aligned with its accelerated transformation into a vibrant neighbourhood. It evolves with the trend of people wanting to live closer to workplaces and amenities, offering an exceptional mix of residential, office, retail, and other types of properties,” said Neil Schloss, Head of Asset Management South Africa at Growthpoint Properties.
Olympus Sandton will be located in the mixed-use Sandton Summit precinct, anchored by the Discovery Head Office on the corner of Rivonia Road, where Katherine Street transitions into Sandton Drive.
This strategic project aligns with Growthpoint’s vision of establishing South Africa’s premier walkable mixed-use precinct, leveraging Sandton’s reputation as Africa’s leading financial hub.
Having worked on elements of the Sandton Summit vision for over a decade, Growthpoint now introduces Olympus Sandton as its first development catering to the increasing demand for residential properties in Sandton Central.
The Olympus Sandton development, valued at over R2 billion, will feature two towers. The first tower, standing 26 storeys tall, will be the initial phase along Rivonia Road.
It will include a premium dining experience from the Marble Hospitality Group on one of the upper floors, as well as its distinctive Pantry convenience retail offering in Grade-A ground floor retail space. The second phase will involve a tower of at least 16 storeys, situated east of the first.
Sales for the development’s 400-plus residential apartments by Tricolt have begun, with a public launch scheduled for 27 February 2025. Prices will start at R1.49 million. Growthpoint and Tricolt will retain ownership of the retail sections in both towers. Construction of Olympus Sandton is set to commence in the latter half of 2025.
Located at the crest of Sandton Ridge, Olympus Sandton’s 26-storey tower will be the highest point in Sandton, offering unparalleled views across Johannesburg and beyond, despite not being the tallest building in the area.
“Sandton is experiencing a significant revival. After years of office downsizing, companies are now maintaining their physical presence and even growing it as return-to-office becomes standard practice.,” said Timothy Irvine, Growthpoint’s Head of Asset Management for Offices.
“Vacancy rates in Growthpoint’s office portfolio are declining nationwide, with Sandton showing a particularly promising recovery. The district is adapting its office spaces and entire lifestyle, with more living and gathering spaces.”
Growthpoint is at the forefront of transforming Sandton Central into a vibrant, environmentally friendly hub. Capitalizing on increased demand for residential properties, Growthpoint recently sold its 151 on 5th building in Sandton to a residential developer.
Additionally, the company is ushering in a new green era with its revolutionary e-co2 solution, set to launch at 10 Sandton office buildings in mid-2025.
This scheme will offer tenants access to renewable hydro, wind, and solar electricity with fixed escalations, leveraging Growthpoint’s milestone Power Purchase Agreement (PPA) for 195GWh of green power.
Olympus Sandton’s iconic design reflects its prominent position on the Sandton skyline. It was conceived through collaboration between Australian architectural practice ClarkeHopkinsClarke (CHC) and South Africa’s renowned dhk Architects and will be developed jointly by Growthpoint and Tricolt.
Growthpoint’s development team has a strong track record of excellence in investment-grade commercial property development, extending to signature residential projects such as the Riverwoods office-to-residential conversion to BlackBrick Bedford and the sold-out The Kent, La Lucia, in KwaZulu-Natal.
Olympus Sandton will incorporate advanced sustainable building practices, including post-tension slabs and smart energy management systems, in line with Growthpoint’s environmental, social, and governance (ESG) commitments and its 2050 carbon-neutral goal. The development aims to achieve at least a 4-Star Green Star rating from the Green Building Council of South Africa (GBCSA).
“Pedestrianised mixed-use precincts have tremendous environmental benefits, particularly when they are so well located, by reducing carbon emissions due to less private vehicle travel. Olympus Sandton is the next step in realizing our vision for Sandton Summit. It demonstrates our commitment to creating sustainable developments that deliver exceptional amenities for their users and long-term value for our stakeholders,” said Schloss.
Growthpoint’s portfolio includes other notable mixed-use assets such as the iconic V&A Waterfront, which it co-owns, and the Longkloof precinct in Cape Town’s vibrant Kloof Street area. In Umhlanga Ridge New Town Centre, its Green Star-rated office developments also exemplify mixed-use innovation, combining P-grade office space, retail, and landscaped pedestrian areas.
Schloss concluded, “Olympus Sandton exemplifies Growthpoint’s strategic approach to unlocking maximum value from prime real estate assets through thoughtful market-aligned development that enhances our portfolio and advances our sustainability objectives.”
