Weekend Argus (Saturday Edition)
New development for Cape Town CBD
Strand Street building will boast flats and offices
A NEW central city development is being launched in Cape Town by JSE-listed property company, Ingenuity Property Investments Limited, which was also responsible for the multimillion rand upgrade of Newspaper House in St George’s Mall and several other CBD buildings.
The mixed use 17-storey development, 117 on Strand, will have 117 flats. More than 40 flats will be in the podium section of a new building bounded by Strand, Hudson and Castle streets, and a glass tower section will have a further 75 residential units.
The R600 million development on the extensive site will also include retail space and A-grade offices.
“An on-site Virgin Active Health Club and several shops will add to the appeal for permanent residents or frequent travellers as well as young professionals and investors in the letting market,” says Andrew Golding, chief executive of Pam Golding Properties, the agency marketing 117 on Strand.
Ingenuity chief executive Arnold Maresky says that city rejuvenation in Cape Town has led to a vibrant and liveable city centre and 117 on Strand will offer the best of modern living in an area that combines rich history with timeless appeal.
“These apartments are in a desirable, elevated city location at the edge of De Waterkant village,” says Laurie Wener, Pam Golding Properties senior executive for developments in the Cape region.
“They will offer easy access to all the attractions and offices of the central city, Green Point, Atlantic seaboard and the V&A Waterfront – you can walk to many venues, or catch a MyCiti bus.
“The city centre has experienced capital growth of about 800 percent since 2003, when the first major residential conversion, Mutual Heights in Darling Street, had about 174 units sold at R6 000/m in one week. Currently, unit sales in the city are limited only by the shortage of stock. There is persistent strong demand for sophisticated, stylish living from owners and tenants, with excellent security and all the benefits offered in a mixed use building of this calibre.”
Buyers at 117 on Strand also stand to benefit from Urban Development Zone tax incentives, a SARS programme aimed at regenerating inner cities, enabling the first buyers from developers to enjoy tax deductions.
The range of property in the new development starts with studio flats priced from R2.255 million, includ- the four corners of the building, making the most of the views. Finishes will include engineered timber floors, Italian porcelain tiles and imported sanitary ware and taps.
Some penthouses are designed with traditional separate en suite bathrooms, and others have open plan dressing room-bathroom-bedrooms. All the penthouses have feature ceilings with bulkheads and integrated air-conditioning in the living areas. In addition to the bedrooms, there is a lounge on the top floor of each unit.
“The building offers high-tech security and plentiful parking. Parking bays are included in the purchase price and allocated according to the number of bedrooms in the units. For example units with two bedrooms will have two parking bays.
The full mixed-use development will have five levels of basement parking, and seven levels of aboveground bays, providing over 500 parking spaces.
The modern building has several features referencing the area’s history: The podium section has a structural element that steps up and down, relating to the stepped rooflines. And a section of the tower façade has coloured vertical fins which imitate the vibrant colours of old houses. These panels also function as fire prevention elements.
“The building has been designed to achieve a four star Green Star rating from the Green Building Council of South Africa, and incorporates several energy- efficient features for optimal environmental performance – and cost savings for owners,” says Maresky.
“These include high performance façade glazing, high-efficiency air-conditioning systems for areas that are conditioned, greywater harvesting of shower water, centralised hot water with heat recovery from the cooling systems, and extensive water and energy monitoring with online access for users. Cyclist faci- lities are also provided.”
Construction of 117 on Strand is scheduled to start in September and the units should be completed in the third quarter of 2018.
Maresky says the exterior of an existing heritage building on the site on the corner of Strand and Rose streets, with a ground floor plus two additional floors, will be sensitively restored to accurately depict the architectural features and character of the original construction.
“Missing features and finishes that have been removed during several alterations over the many years of its existence will be reinstated; and steel and timber trusses will be exposed to let in light and create a bright space for retail tenants,” he says.
“The exterior of an adjacent, smaller building will also be restored, with the existing proportions retained and plaster detailing retained and added to.”
Kotlowitz Marais Architects has designed the new building housing the residential podium and tower units, retail space, A-grade offices and parking. Examples of other projects the firm has undertaken in the area include BBDO Chiappini Street, Cape Quarter Living, the new Abe Opperman Gallery in Hudson Street and 25 Loader Street, for which it was shortlisted for a World Architecture Festival award.
Fabian Architects is undertaking the heritage building project, including the smaller adjacent building. The firm has been responsible for a number of successful city building upgrades, including the conversion of the Cartwrights Corner office tower into apartments.
Engineers are De Villiers Consulting and PJ Carew Consulting is responsible for the environmental sustainability initiatives designed for the modern building.
Visit www.ingenuity property.com and www.117onstrand.com.
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