Transforming Offices into Homes: Africrest's expansion revolutionises Housing Market
Africrest Properties, renowned for its expertise in converting office buildings into modern apartments, is poised for unprecedented growth. With an impressive acquisition of over 80,000m² in office spaces converted to residential units in 2023, Africrest emerges as a dominant force in the market.
Boasting a current portfolio of 3,700 apartments, Africrest's ambitious expansion plans aim to double its holdings to 6,500 apartments within the next 24 months. As the largest buyer of office buildings in the country, Africrest solidifies its position as a key player, shaping the future of South Africa's housing market.
Africrest's current estates cater to the middle-income market, span across Johannesburg, with new estates being developed in Sandton, Bryanston, Norwood, Sunninghill, and Ferndale. These locations, being in major work nodes, provide residents with a unique opportunity to live in desirable areas, reducing their commute time (and expense), freeing up more time for leisure.
The company has also recently completed construction of a brand new 7 story building in Ferndale, creating an estate of 408 apartments. Africrest has also begun the conversion of a vacant retirement home into modern apartments, showcasing its commitment to revitalizing existing structures and creating vibrant communities.
Africrest operates a rental-only model (an asset class known as “Multifamily Housing”), offering a compelling solution to individuals seeking both flexibility and affordability. The high interest rate environment has further fuelled the company’s rapid expansion as it has become more affordable and often a better use of money, to rent opposed to purchasing.
Africrest focuses on building more than just apartments, they create thriving communities with resort style services and amenities including state of the art gyms (with free classes), uncapped high-speed fibre, work from home centres, hotel like swimming pools, cinemas and regular community social events. All estates have dedicated on-site property management and maintenance teams. Africrest’s goal is to offer the best rental experience in South Africa and judging by their higher than industry average occupancies and renewal rates they seem to be well on their way to achieving this.
“While the conversion of office buildings to apartments is helping to remove a vast amount of vacant space, it is unfortunately only the tip of the iceberg” comments Africrest’s director, Grant Freidman. “We are excited to be creating exceptional lifestyle estates close to places of work that people are proud to call home. The demand for our estates is strong, and we are eager to continue expanding our reach and make a positive impact on the South African housing landscape."
