Upmarket student accommodation in Johannesburg’s central business district and in Braamfontein is proving attractive and affordable according to the developers, Aengus Property Holdings.
According to Richard Rubin, chief executive of the company, the central business district in Johannesburg had been redlined by many banks who were not prepared to advance any money to prospective buyers or to developers.
“However, this has changed over the years and we currently have eight student buildings comprising 1 740 beds with the city. And the prices for accommodation are affordable with apartments ranging in price from R1 650 to R2 350 a month,” says Rubin.
He says the company identified an urgent need for student accommodation within the city several years ago to provide safe residential space for students at the Universities of Johannesburg and Witwatersrand as well as those doing courses at private educational establishments such as Damelin.
“There are more than 70 educational institutions in Johannesburg and Braamfontein and yet student accommodation is in short supply particularly as the university residences at Johannesburg and Wits accommodate only about 20% of the students,” he says.
“The balance of 80% of students represent a lucrative market for us and we developed decent, secure and affordable accommodation for students who were unable to find a safe place to live,” he added.
The company transformed a number of office blocks in Johannesburg and Braamfontein into residential units that provide shuttle buses to and from the respective universities, are wi-fi enabled for easy connectivity and are completely self-contained including a small kitchen and private bathrooms.
“The Argyle Precinct covers an entire city block and is within walking distance of Wits. It comprises 427 upmarket one-bedroom and studio apartments. Parktown Views can take another 150 students and the recently completed YMCA building in Rissik Street across the road from the Gautrain station provides 312 beds in 240 apartments,” he adds.
According to Rubin the demand for accommodation exceeded the company’s expectations for the year and within weeks, the student accommodation comprising 1 500 beds was 85% let.
“The reason for the swift uptake is due in part to our accreditation with the universities along with the wi-fi connectivity the self-contained nature of the accommodation and the price of the units which compare favourably with the costs of a room within one of the university residences,” he says.
The company provides extensive security at its blocks, has a permanent maintenance team to take care of any problems in a building and manage each unit diligently.
“We are now developing our property portfolio to include other cities in Gauteng as well as in Durban where there is a need for affordable student accommodation.
The monthly prices for student accommodation in Johannesburg are:
- Parktown Views: R1 650
- Dudley Heights, Skyways and the YMCA: R1 800
- Argyle Centre and Baker House: R1 900
- Braamfontein Lofts: R2 350
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