Work begins on Cape Town Yacht Club
CONSTRUCTION has commenced on a R1.3 billion mixed use development at the gateway to the V&A Waterfront in Cape Town.
Called The Yacht Club, it is being developed by the Amdec Group, which is also the developer of the Melrose Arch precinct in Johannesburg.
It will comprise a hotel operated by an as yet unidentified leading international brand and modern urban apartment living in two towers on a podium of premium grade office space.
Nicholas Stopforth, the managing director of Amdec Property Development, said yesterday that there would be a big announcement next week about the operator of the 189room hotel.
“It’s a lifestyle brand hotel operator we are bringing to the country. The hotel will have a contemporary four-star grading, which is between a four and five star grading in this country,” he said.
Stopforth said work on the construction of the landmark project this year would focus on the two basement levels, which would supply dedicated parking for residents, workers and guests.
He said the building would begin rising out of the ground from January next year and construction was scheduled to be completed in May 2018.
Stopforth said about 80 percent of the 170 apartments had already been sold.
The one and two bedroom and luxury corner apartments range in size from 54square metres to 99m².
Stopforth said the apartments had proven particularly popular with investors, who had enthusiastically welcomed the massive potential they represented for long-term leases, and owner occupiers.
About 20 percent of these buyers were based in Gauteng, he said.
“The response to the residential apartments at The Yacht Club has been tremendous. With spectacular all-round vistas, the apartments offer unique views of the Cape Town Harbour or Table Mountain.
“This, together with an exceptional location and the quality of development, support their strong market appeal. We are now in the final stretch for apartment sales at The Yacht Club,” he said.
Stopforth said the apartments that were still available for sale were a mixture of sea and mountain facing one and two bedroom units ranging in price from R3.3 million to about R5.1m.
Apartments still available are one and two bedroom units ranging from R3.3m to about R5.1m.
He said they launched the scheme in September last year and the one-bedroom units at launch were priced at R2.6m.
Stopforth said the price of units had increased because of market demand, resulting in fairly substantial capital growth.
About 6 550m² of prime offices will be also available in the development.
Stopforth said the offices would provide a magnificent view of the waterfront from modern and quality offices that were flexible enough to house a single large tenant or a multi tenant environment.
He said a couple of big office users were “biting” at the opportunity to take up office space in the development, but it was inclined to break it up and get smaller office users in with different interests.
“It will be an exclusive, compelling and inspiring workspace,” he said.
The site on which The Yacht Club is being developed is close to the city’s foreshore and the Cape Town International Convention Centre and within the Roggebaai Canal Tourism Precinct, named after the Roggebaai Canal which runs through it.
Within its immediate vicinity, it is linked to a variety of tourist, business, transport, retail and recreation facilities.
“It also connects seamlessly with the city’s major business districts, South Africa’s commercial hubs and beyond,” Stopforth said.