Weekend Argus (Saturday Edition)
Investors snapping up new units
Exquisite development on the cards for the east city district
AN EXCLUSIVE new address will soon rise in Cape Town’s fast growing East City District, and units are fast being snapped up by investors in the buy-to-let market, says Patrick Parring, head of Exel Project Management Services, which is in charge of the project.
Centrally situated at the start of Harrington Street, across from the Parade and within easy walking distance of Parliament and all major businesses and higher education institutions in the area, the building is the home of Nicro ( the National Institute for Crime Prevention and the Reintegration of Offenders), South Africa’s oldest NGO.
Construction is set to start in the middle of next year, and when completed, 1 Harrington will consist of 60 one- and twobedroom apartments, all with mountain, city or harbour views.
The first two floors will house offices and retail tenants, which will further contribute to the reinvigoration of the area. The architect-designed 1 Harrington will be equipped with green, energy-saving technology, high-end fittings and finishes, landscaped outdoor spaces, secure parking, 24/7 security and wifi, says Parring.
“The development has not yet been officially launched but has already received tremendous interest from investors.”
Cape Town’s East City is known as a craft, design and innovation centre and is experiencing unprecedented growth. It is becoming the location of choice for professionals and students,.
“There is a tremendous demand for quality rental stock in the CBD, and 1 Harrington will provide welcome additional supply in one of the city’s most exciting districts. However, the development is also good news for communities that rely on the important work of Nicro,” says Parring.
Nicro is the only NGO providing comprehensive social crime prevention and offender reintegration services in SA. It is globally acknowledged for its programmes and impact, which provide lasting solutions to combating crime and creating peaceful, safe communities.
Reliant on donor- funding during most of its 100- year existence, Nicro in recent years sought to develop a more sustainable model to be able to continue its groundbreaking work. It has since made remarkable headway in imple- menting a world-class strategy to develop alternative revenue streams. As a result, Nicro’s business division, Nicro Enterprises, determined that developing the site of its current head office could make a substantial contribution to ensuring long-term sustainability for the organisation, which will continue to occupy office space at 1 Harrington when the project is completed.
Parring says the supply of rental stock in theCBD does not meet the strong demand from prospective tenants, with most available stock being snapped up within hours of being listed.
Flats at 1 Harrington are priced from R2.3 million, and transfer is set to take place in 2018.
For more details, call 021 418 1616 or 082 893 2832, or email marlon@parring.co.za.