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Growthpoint and Tricolt collaborate on a new R2 billion high-rise development in Sandton called Olympus

Growthpoint is expanding its investments beyond Cape Town, with plans for an extravagant R2 billion-plus twin-tower apartment development in Sandton, located just across from Discovery’s headquarters.

This marks the group’s inaugural significant apartment project in Sandton, executed in partnership with Tricolt, a prominent luxury apartment developer.

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The ambitious Olympus Sandton project will feature a 26-storey tower and a 16-storey tower, supported by retail spaces and parking on the ground and basement levels.

This represents Growthpoint’s largest new development in Sandton since the Discovery headquarters was inaugurated in 2018 (in collaboration with Zenprop).

With sales for over 400 apartments already in progress and a sales office on-site, the official development launch is slated for late February.

Olympus Sandton is being positioned as a mixed-use property, which will incorporate retail, office space, and a leisure aspect, featuring a remarkable Marble restaurant.

The Joburg-based Marble Hospitality Group recently launched a large Marble restaurant atop the Union Castle heritage building at Cape Town’s V&A Waterfront, a development co-owned by Growthpoint and the Government Employees Pension Fund (via the Public Investment Corporation).

Sandton Summit

Olympus Sandton is part of Growthpoint’s Sandton Summit mixed-use precinct, which is being developed on substantial properties and land that the group owns surrounding the Discovery building in South Africa’s financial district.

Moneyweb first disclosed the group’s expansive plans for the new multi-billion-rand precinct back in 2019, with Sandton Summit set to encompass office, retail, residential, hotel, and leisure properties as part of its commercial offerings.

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“This investment aligns with Growthpoint’s objective to create South Africa’s foremost walkable mixed-use precinct, capitalizing on Sandton’s prominence as Africa’s leading financial center,” stated the group in a release to Moneyweb.

“For over a decade, Growthpoint has been implementing various elements of the Sandton Summit vision, and Olympus Sandton represents its initial endeavor aimed at meeting the growing demand for residential spaces in Sandton Central.

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“Sandton Summit is situated at the peak of Sandton ridge, the highest point in the area.

“Olympus Sandton’s 26-storey tower, while not the tallest in the vicinity, will become the highest in Sandton, providing unparalleled views of Johannesburg and further,” Growthpoint emphasized.

The group confirmed that the over R2 billion development will consist of two towers—the taller 26-storey structure being the first phase, with construction expected to start in the latter half of 2025.

The second tower (phase two) will be “at least 16 storeys,” indicating it could be taller if there is a higher demand.

“Sales for the development’s over 400 residential apartments have begun, with a public launch set for 27 February 2025, and prices starting at R1.49 million,” they added.

As per Tricolt’s website, Olympus Sandton includes penthouses priced from R14.25 million to R100 million.

Tricolt has been involved in notable luxury apartment projects in Joburg, such as The Houghton and Ellipse Waterfall in collaboration with JSE-listed Attacq at Waterfall City.

‘Reawakening’ the powerhouse

“We are confident that the launch of the Olympus Sandton development is perfectly timed for the revitalization of Sandton Central,” remarked Neil Schloss, head of asset management at Growthpoint Properties SA.

“[This aligns with] Sandton’s rapid transformation into a vibrant neighborhood as it adapts to the trend of people wanting to reside closer to workplaces and amenities, offering an exceptional blend of residential, office, retail, and other property types.”

According to Growthpoint, this is just one of many projects aimed at making Sandton Central more accommodating for individuals, businesses, and the environment.

“Olympus Sandton’s striking and innovative design complements its prominent position on the Sandton skyline. It was conceived through collaboration between the Australian architectural firm ClarkeHopkinsClarke and one of South Africa’s leading architectural practices, dhk Architects, and will be jointly developed by Growthpoint and Tricolt,” they stated.

Together, Growthpoint and Tricolt will maintain ownership of the two retail spaces within the development.

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