City’s CBD rises high despite tough times

Projects worth billions have been completed or are being planned

DESPITE South Africa’s slow growth and the tough economic climate, construction in Cape Town’s CBD is booming, with completed or planned projects worth billions of rand. South African property development Abland yesterday announced a R500 million development, 35 Lower Long, situated on Lower Long Street in the CBD.

Abland and its joint venture partners, The Ellerine Brothers, said the project would create more than 1 000 jobs.

The 24-storey office tower will be a fourstar green building and will be erected on the site where the offices of Ernst & Young used to be.

Work has already begun with the internal stripping of the building and external demolition set to start this month, with completion set for the first quarter of 2020.

The building area will comprise 13 446m2 of premium-grade office space, along with 323m2 of retail space on the ground floor, nine above-ground parking levels and a penthouse on the top floor.

James Cresswell, Cape regional director at Abland, said the property was situated next to a MyCiTi bus station and was within close proximity to the main railway station, making it easily accessible to people using public transport. “Our objective is to develop an iconic building that both Abland and Capetonians can be proud of. We look forward to welcoming our future tenants, and are confident they will enjoy this space,” said Cresswell.

Iconic Art Deco building 50 on Long Street was recently sold for R37m in a transaction brokered by Annenberg Property. The building’s interior was completely refurbished.

According to Annenberg Property Group, there was significant investment in the CBD, as evidenced by the number of redevelopments, including mixed-use office and retail space, in Long and Loop streets.

Andries Louw, a director of Annenberg Property Group, said Cape Town’s CBD was tops from a business, investment, residential and entertainment perspective.