Prominent building to house tenants

Johannesburg – One of the Joburg CBD’s tallest buildings, Towers Main, formerly called Absa Towers, in Main Street, has been renovated to accommodate residents.

  Property development companies Atterbury and Ithemba properties collaborated on the Divercity project, initiated in 2018 with investors including Nedbank. The Divercity Urban Property Fund invested R2 billion to create mixed-use inner-city precincts; which focused on redevelopment of the building, and also Jewel City.

  The Divercity investment fund is backed by stakeholders who include Atterbury and Ithemba Properties, with Talis Property Fund playing a major part in the formation of the fund.

  Ithemba Properties CEO Rian Reyneke said the building is a game changer for the city.

  “The development focused on nine floors which were repurposed to A grade office space. From the 10th floor to the 30th, are new rental apartments. Amenities include a coffee shop, art gallery, day-care centre and gym,” Reyneke said.

  He added that the CBD has not received much focus in terms of development, and as a result thousands flock in to work and commute back to various parts of Joburg each day. 

  “The project will help make the city more desirable to potential residents. We hope that this will inspire other developers to move back to the city. There are a lot of working class people from communities that include Soweto, who spend two to four hours commuting, which is time and cost consuming. I believe that in 10 years Joburg could be a transformed city that will house a diverse population,” Reyneke said. 

  He added that some tenants have already moved into the renovated building; and expects demand to increase after the lockdown.