SA’s largest commercial real estate investment trust (Reit), Growthpoint Properties, has unveiled plans to begin a major residential and retail development, Olympus Sandton, in collaboration with renowned luxury residential developer, Tricolt.
This strategic investment supports Growthpoint’s vision to develop SA’s top walkable, mixed-use precinct, leveraging Sandton’s position as Africa’s leading financial hub.
Olympus Sandton will be located within the mixed-use Sandton Summit precinct, anchored by the Discovery Head Office at the intersection of Rivonia Road and the point where Katherine Street transitions into Sandton Drive.
“We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central and is aligned with its accelerated transformation into a vibrant neighbourhood, as it evolves with the trend of people wanting to live closer to workplaces and amenities,” said head of asset management at Growthpoint SA Neil Schloss.
The R2bn-plus Olympus Sandton will consist of two towers. The first, a 26-storey residential tower, will feature a premium dining experience by Marble Hospitality Group and convenience retail on the ground floor. The second phase will include a 16-storey tower to the east.
For more than a decade, Growthpoint has been developing various components of the Sandton Summit vision. Olympus Sandton marks its first project designed to meet the growing demand for residential property in Sandton Central.
Tricolt has begun selling more than 400 residential apartments in the development, with public sales set to launch on February 27, starting from R1.49m. Growthpoint and Tricolt will jointly retain ownership of the tower’s two retail sections. Construction of Olympus Sandton is expected to begin in the second half of 2025.
Growthpoint’s head of asset management for office, Timothy Irvine, said, “Sandton is experiencing a significant revival. After years of office downsizing, companies are now maintaining their physical presence and even starting to grow it again as return-to-office becomes standard practice.”
Irvine noted that vacancy rates in Growthpoint’s office portfolio were falling across SA, with Sandton — the nation’s most vibrant business hub — beginning to show signs of a strong recovery. Although the post-pandemic recovery has been gradual, the district is evolving by adapting its office spaces to meet rising demand and enhancing its lifestyle offerings, including more residential and communal spaces, Irvine said.
The design of Olympus Sandton incorporates cutting-edge sustainable building practices, such as post-tension slabs and smart energy management systems. This aligns with Growthpoint’s commitment to environmental, social and governance (ESG) principles, including its goal to achieve carbon neutrality by 2050.
The development aims to secure at least a 4-Star Green Star rating from the Green Building Council of SA (GBCSA).
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