Cape Town city block a big opportunity

Posted On Friday, 03 October 2008 02:00 Published by eProp Commercial Property News
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The Alliance Group will take an entire block in the Cape Town central business district to auction next month.

 

Property-Housing-Residential“The CBD lends itself ideally to mixed-use application. Examples like Mandela Rhodes Place and the surrounding Squares of Harbour Edge, St Georges Mall and Heritage Square, prove that residential, leisure, retail and office space can operate in harmony and provide holistic turnkey living for residents, businessmen and tourists alike,” says Ryan Joffe of the Alliance Group.

“The site is spectacularly positioned, with a strategic footprint as it borders four key city roads, namely Loop, Leeuwen, Bree and Dorp streets. Council approval is already in place for an 18 storey contemporary building of 21000m² of lettable area and 647 parking bays.

“Parking and office space is at an absolute premium in the CBD, and part of being committed to upgrading the aesthetic appeal of the city is to ensure key facilities are made available to the area,” Joffe says.

In addition to the current use approvals, which are office and retail, the current zoning on the site also permits mixed-use options such as hotel and residential.

Listed property fund Old Mutual has undertaken a massive development of commercial office, retail and hotel accommodation.

To date, it will be the tallest building in Cape Town and the company’s largest Cape development.

“Such large investments by such influential players stand testament to the strategic nature of prime parcels of land in the CBD, supported by the public investment that is committed to enhancing facilities, hotel and office space,” Joffe says.

Cape Town’s CBD has undergone extensive investment in the past decade.

According to Mayor Helen Zille, approximately R30bn worth of investment in new developments has been earmarked, with two-thirds of it coming from the pocket of the private sector.

The Cape Metro region as a whole is expected to see 9,5% growth in medium term fixed investment.

The property will be auctioned at 12pm on October 29 at the Table Bay Hotel.

Last modified on Thursday, 12 June 2014 14:59

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