Weekend Argus (Saturday Edition)
New flats, businesses on the cards
12 new developments worth more than R2bn for Cape Town city centre
FIVE new major property developments have gone into the planning phase and another seven proposals have been initiated in Cape Town’s CBD since the beginning of the year.
This is according to the Cape Town Central City Improvement District (CCID), which estimates the combined minimum value of planned and proposed developments for the Central City to be more than R2 billion.
CCID communications manager, Carola Koblitz, who edits the organisation’s annual State of the Cape Town Central City Report, says the 12 new developments have all been announced since the CCID compiled its last property investment update at the end of last year.
Koblitz says: “We keep tabs as far as we can on all development under way or on the cards in the Cape Town CBD. The minimum value of projects completed during 2015 was R987 million, and that of projects currently under construction is R4.571bn.
“The minimum value we can ascribe to new projects in the planning phase is R912m, and well in excess of R1.1bn for developments at the proposal stage. We say ‘minimum value’ as we rely on information from those developers who are prepared to publicly attach a value to development. Not all are willing to reveal these figures, so the eventual investment amounts will always be higher.”
The five new developments that have gone into planning since the publication of the 2015 SCCR are:
● 4 Loop Street, a mixed-use building upgrade that will include a residential component, by FWJK Developments on behalf of Berk Property Holding. The estimated value is R20m.
● The Telkom Exchange in lower Long Street on the Foreshore that involves a mixed use building upgrade by Telkom – the value to be confirmed.
● The redevelopment of the Mike’s Sports site on the corner of Strand and Bree streets by Gera Investment Trust – value to be confirmed.
● The upgrade of The Capetonian Hotel at Pier Place on Heerengracht by Raya Hotels, with an estimated value of R200m.
● Urban on Bree, a residential extension in planning for completion in the last quarter of 2017 on behalf of Urban On – value to be confirmed.
The seven new development proposals on the drawing board since the publication of the 2015 State of Cape Town Central City report are:
● Zero2ONE on the corner of Adderley and Strand streets, which is a new mixed use development proposal by FWJK Developments and includes parking, retail, hotel and residential components. The value has still to be confirmed.
● Mixed use upgrade and extension to Cape Town Station in Adderley Street due for completion in mid-2019 with an estimated value of R1.1bn.
● Roggebaai Centre on Christiaan Barnard Street, a proposed new commercial build for Ingenuity – value to be confirmed.
● Spindle, a mixed use redevelopment on the corner of Spin and Plein streets with commercial, retail and residential components envisaged – value to be confirmed.
● The development of the Culem- borg Quarter, the block between Nelson Mandela Boulevard and Christiaan Barnard Street, into a mixed use development. This development is at artist’s impression stage and the value to be confirmed.
● The 28-storey 16 on Bree next to Portside by FWJK Developments – value to be confirmed.
● The 36- storey Goldies on Buitengracht, also next to Portside, proposed by FWJK Developments – value to be confirmed.
● Zero2One on the northwest corner of Strand and Adderley streets – across the road from Cape Town Station and Adderley Street’s MyCiTi station – is a proposed 42storey building, which at 148m in height would become the tallest building in Cape Town. It is set to have 624 flats, 760 parking bays and 6 000m² of retail space. A public access viewing deck with 360 degree views of the CBD is also included in FWJK’s proposal. Two other FWJK projects in the CBD are the proposed redevelopment of 16 Bree Street between Buitengracht and Bree Street next to Portside into a 28storey mixed used development including a residential component as well as Goldies on the same city block (but facing Buitengracht) into a 36-storey mixed use building.
CCID chairman, Rob Kane, says one of the most thrilling aspects for the organisation is to see the spread of development occurring across the CBD – from the numerous new builds going up in the Foreshore area (which includes the new Netcare Christiaan Barnard Memorial Hospital) to the current refurbishment of important public buildings such as schools, courts and museums in the older part of the CBD.
“Every cent spent on improvement means increased footfall into the Central City, ever- increasing amenities for all Capetonians and visitors to enjoy, and expanded allimportant job and economic opportunities.
“In terms of developing nodes, we have already seen how the reestablishment of businesses in the Bree Street corridor is transforming this entire street, particularly towards its lower end closer to the harbour.
“With new developments in the Foreshore area including the opening of facilities such as the new Virgin Active gym, the ongoing upgrade of the Artscape complex, new office complexes rising and new retail offerings such as the Foodlovers Market, we have no doubt that other retailers and businesses are already looking towards this area and it will be transformed within the next year or two, particularly as the V&A Waterfront develops in this direction.”
Kane says the CCID also eagerly awaits the City’s determination on the submissions for the Foreshore Freeway Precinct project, and hope that the outcomes will live up to the expectations being placed on this area’s transformation – particularly with the possibilities around the provision of affordable housing.