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

Growthpoint is broadening its investment portfolio beyond Cape Town, unveiling plans for a lavish twin-tower apartment project exceeding R2 billion in Sandton, strategically positioned opposite Discovery’s headquarters.

This initiative signifies the group’s first major apartment undertaking in Sandton, carried out in collaboration with Tricolt, a well-known developer specializing in luxury apartments.

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The bold Olympus Sandton project will comprise a 26-storey tower alongside a 16-storey tower, complemented by retail spaces and parking facilities on both the ground and basement levels.

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

Sales for more than 400 apartments are already underway, with an on-site sales office. The official launch of the development is scheduled for late February.

Olympus Sandton is designed as a mixed-use development that will combine retail, office space, and leisure components, including a remarkable Marble restaurant.

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

Sandton Summit

Olympus Sandton is integral to Growthpoint’s Sandton Summit mixed-use precinct, being constructed on substantial properties held by the group around the Discovery building in South Africa’s financial hub.

Moneyweb initially revealed the group’s extensive proposals for this new multi-billion-rand precinct back in 2019, with Sandton Summit expected to include office, retail, residential, hotel, and leisure properties as part of its commercial offerings.

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“This investment aligns with Growthpoint’s vision of creating South Africa’s foremost walkable mixed-use precinct, leveraging Sandton’s status as Africa’s premier financial center,” the group stated in a release to Moneyweb.

“For over a decade, Growthpoint has been progressively implementing various elements of the Sandton Summit vision, and Olympus Sandton represents its first step towards addressing the rising demand for residential units in Sandton Central.

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

“Olympus Sandton’s 26-storey tower may not be the tallest in the area, but it is set to become the highest in Sandton, offering unmatched views of Johannesburg and beyond,” Growthpoint highlighted.

The group confirmed that the development, exceeding R2 billion, will feature two towers—the taller 26-storey building as the initial phase, with construction expected to commence in the latter half of 2025.

The second tower (phase two) will be “at least 16 storeys,” suggesting it may be taller depending on market demand.

“Sales for the more than 400 residential apartments have commenced, with a public launch slated for 27 February 2025, and prices starting from R1.49 million,” they mentioned.

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

Tricolt has previously undertaken notable 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 project is ideally timed for the revitalization of Sandton Central,” remarked Neil Schloss, head of asset management at Growthpoint Properties SA.

“This reflects Sandton’s rapid evolution into a lively neighborhood where individuals desire to live closer to workplaces and amenities, providing an exceptional combination of residential, office, retail, and various property types.”

As per Growthpoint, this is just one of several initiatives designed to make Sandton Central more hospitable for residents, businesses, and the environment.

“The striking and innovative design of Olympus Sandton enhances its prominent location on the Sandton skyline. It was developed through a collaboration between the Australian architectural firm ClarkeHopkinsClarke and one of South Africa’s leading architectural firms, dhk Architects, and will be jointly developed by Growthpoint and Tricolt,” they explained.

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

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