In­vestors snap­ping up new units

Ex­quis­ite devel­op­ment on the cards for the east city district

Weekend Argus (Saturday Edition) - - PROPERTY - SATUR­DAY

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.

An artist’s im­pres­sion of 1 Har­ring­ton, the new mixed-use devel­op­ment to be built on the site of Ni­cro’s head­quar­ters in Cape Town’s East City precinct.

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