Growthpoint and Tricolt Establish Joint Venture for R2 Billion Olympus High-Rise Development in Sandton

Growthpoint is widening its investment scope beyond Cape Town by planning a lavish R2 billion-plus twin-tower apartment development in Sandton, situated directly across from Discovery’s headquarters.

This initiative marks the group’s first major apartment venture in Sandton, carried out in partnership with Tricolt, a well-known luxury apartment developer.

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The ambitious Olympus Sandton project will consist of a 26-storey tower alongside a 16-storey tower, featuring retail spaces and parking at ground and basement levels.

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

With sales already underway for more than 400 apartments and an on-site sales office, the official development launch is expected in late February.

Olympus Sandton is designed as a mixed-use property that will include retail, office space, and leisure facilities, highlighted by an impressive Marble restaurant.

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

Sandton Summit

Olympus Sandton is an integral part of Growthpoint’s Sandton Summit mixed-use precinct, which is being developed on expansive properties owned by the group surrounding the Discovery building in South Africa’s financial hub.

In 2019, Moneyweb first revealed the group’s extensive plans for this new multi-billion-rand precinct, which will encompass office, retail, residential, hotel, and leisure properties in its commercial offerings.

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“This investment aligns with Growthpoint’s aim to create South Africa’s leading walkable mixed-use precinct, leveraging Sandton’s status as Africa’s principal financial center,” the group stated in a release to Moneyweb.

“For over a decade, Growthpoint has been advancing various aspects of the Sandton Summit vision, with Olympus Sandton representing its first effort to address the rising demand for residential spaces in Sandton Central.

“Sandton Summit is located at the pinnacle of Sandton ridge, the highest point in the region.

“Olympus Sandton’s 26-storey tower, though not the tallest in the area, will stand as the highest structure in Sandton, offering exceptional views of Johannesburg and beyond,” emphasized Growthpoint.

The group confirmed that the over R2 billion development will comprise two towers, with the taller 26-storey building being the first phase, and construction expected to commence in the latter half of 2025.

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

“Sales for more than 400 residential apartments in the development have commenced, with a public launch scheduled for 27 February 2025, and prices beginning at R1.49 million,” the group added.

According to Tricolt’s website, Olympus Sandton features penthouses priced from R14.25 million to R100 million.

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

‘Reawakening’ the powerhouse

“We believe that the launch of the Olympus Sandton development is perfectly timed for the rejuvenation of Sandton Central,” stated Neil Schloss, head of asset management at Growthpoint Properties SA.

“This aligns with Sandton’s rapid evolution into a vibrant neighborhood responding to the trend of people seeking to live closer to their workplaces and amenities, providing an excellent mix of residential, office, retail, and other property types.”

According to Growthpoint, this is just one of several projects aimed at making Sandton Central more favorable for residents, businesses, and the environment.

“Olympus Sandton’s striking and innovative design enhances its standout position on the Sandton skyline. It was developed through collaboration between the Australian architectural firm ClarkeHopkinsClarke and one of South Africa’s foremost architectural firms, dhk Architects, and will be co-developed by Growthpoint and Tricolt,” they expressed.

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

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