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Retailers scramble for space in new project.

Office, Retail, Industrial, Hotels and Residential
Posted On Monday, 19 May 2003 02:00 Published by
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CAPE Town retailers were quick to respond to the news that Irish company Howard Holdings is to develop a new six-star hotel and residential and retail complex in two city blocks bounded by Wale Street.
CAPE Town retailers were quick to respond to the news that Irish company Howard Holdings is to develop a new six-star hotel and residential and retail complex in two city blocks bounded by Wale Street. Chairman of the Cape Town Partnership Michael Farr said that between 8am and 10am on Monday, after the announcement of the R400 million investment, the partnership received 40 calls which "very encouragingly" were from retailers who wanted to put their names down for space in the new development. "We were amazed at the level of interest in the 6 000m2 of retail space," Farr said. "The demand is already exceeding the amount of space available." He said the prospective tenants fell into the "quality retail" category, including jewellery and fashion stores, delis and wine shops. "If ever there was a healthy sign this is it," Farr said. "I think it is indicative of the kind of confidence that this type of development has promoted." He added that the new development would also have a major impact on other retail businesses in the area and on property values. Farr, who steps down from the Cape Town Partnership in July to take up a new position with brewing giant SAB Miller, said the city was seeing the results of creating the right environment for urban renewal, which was the main reason for the establishment of the Central City Improvement District in 2000. "Sadly for me this is the most exciting time in the three-and-a-half years that I've been here."
Publisher: Weekend Argus
Source: Weekend Argus
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