Johannesburg is on the cusp of a historic transformation with the development of the Bankenveld District City. This collaborative effort between property giants Calgro M3 and Eris Property Group promises to be a game-changer, offering much-needed affordable housing, commercial opportunities, and a vibrant community atmosphere.
Bakenveld location – close to Waterfall and Sandton
The Bankenveld District City will be strategically located near Sandton, Johannesburg’s financial centre. With easy access from the N3 Marlboro offramp, the 300-hectare mixed-use development is in a prime location. It offers residents easy access to job opportunities and the city centre, Waterfall, Sandton and the East Rand.
Residential units in Bakenveld District City
Like Waterfall, the development will incorporate a thoughtful mix of residential units, commercial spaces, retail outlets, and industrial areas, creating a dynamic and self-contained urban environment. The Bankenveld District City follows the existing trend of merging affordable housing and exclusive residential properties in the same area. The project aims to construct 20,000 to 30,000 new homes, catering to diverse residents. With homes expected to range from R500,000 to R1.5 million, it will appeal to first-time home buyers and investors alike.
Bakenveld – Commercial, warehouse and retail
The development will incorporate 500,000m² of Warehouse & Logistics, Retail and Commercial developments. BDC offers state-of-the-art security with access control – making it a secure location for business. These buildings will be energy efficient, ideal in a world where loadshedding is at the order of the day.
Warehouses/Logistics facilities are planned to be between 5 000 to 15 000m² and can be rented or bought. It is built to the specifications and needs of the tenant/landlord.
A joint venture of Calgro M3 and Eris Property Group
On 1 March 2024, the joint venture partnership between Calgro M3 and Eris Property Group formalised the acquisition of a strategic land parcel. In terms of the joint venture agreement, both parties will share the cost of the infrastructure installation (about 34% of the land).
Calgro M3 will then be responsible for the residential components, while Eris will handle the commercial, retail, industrial, educational and healthcare components for their own benefit.
– Business Day
The Bankenveld District City is estimated to be a multi-billion Rand project, with the residential component alone valued at a staggering R18 billion. Construction is expected to begin in late 2024, with the first homes anticipated to be completed by the end of 2026.
Bankenveld District City: The future with affordable housing, security and sustainability
The joint venture between Eris and Calgro M3, is something to keep your eye on. The business model is much simpler than the Waterfall 99-year lease model, which has greatly confused the public.
Though the positioning of the development targets lowers LSM, it offers secure, green options in a central location.
Happy investing!
Sources consulted
- https://www.news24.com/fin24/companies/massive-new-town-planned-between-sandton-and-waterfall-20240402
- https://www.moneyweb.co.za/moneyweb-radio/safm-market-update/bankenveld-district-city-will-be-calgro-m3s-single-biggest-project/
- https://businesstech.co.za/news/property/765211/major-new-city-coming-to-south-africas-wealthiest-area/