CBD Foreshore Developments
Category Property deals
Proudly sold by Paul Aitken and Andrew Dewey of Swindon Property, 1 Heerengracht (Fountain Place) on the Cape Town Foreshore measures 5600sqm over 9 floors with exposure to both Heerengracht and Hans Strijdom. Having a set square layout gives an investor great scope to maximise space usage in creating smaller office units or residential apartments.
Property investment and development on the Foreshore has taken off over the last year, especially since the relocation of the Christiaan Barnard Memorial Hospital. The new hospital is approximately 30 000m² and cost R700 million to develop, injecting some much-needed energy into the node. A few hundred meters down the road at 156 Roggebaai is KPMG Place, with KPMG as the anchor tenant occupying about 4 000m², the cost to build equated to R400 million and is a 19 000m² mixed use development. Mixed use is likely to form a larger component in the area due to the lack of residential offering on the Foreshore as well as the over-densification and soaring property prices of the inner CBD, Waterfront and Atlantic Seaboard.
Another notable project is the new residential development The Onyx, by developers Signatura. The development is in partnership with Nedbank whose head office was here previously. It is only a few hundred meters from Fountain Place and will consist of apartments and penthouses ranging from 35m² to 400m² in size with starting prices at R1.7million.
The investment property group Aria, recent purchasers of the old Vodacom office tower Pier Place, are currently refurbishing the building into AAA grade office space. The spruced-up building has approximately 15 000m² of space on offer of which some has already been pre-let. There will be a rooftop garden, modern and interactive common areas, a gym and ample parking. Rentals being achieved are at R145/m² being a new record for this part of town.
Additionally, Swindon has finalised sales on key buildings in the CBD over the past year. Buildings include 1 Heerengracht, Cliffe Dekker Hofmeyer building situated at 11 Buitengracht street and the beautiful heritage buildings on 38 Hout Street and 22 Burg Street. These transactions have a combined sales value of around R355 million.
For further information on investments in the CBD, please contact Paul Aitken on 082 741 3127
Author: Justine Lombard