Cape Town’s CBD will welcome 12 new developments, with a combined value of more than R2-billion. One of the new developments includes Zero2One, which on completion will become the tallest building in Cape Town.
According to Cape Town Central City Improvement District (CCID), the estimated value of the combined project developments for CPT’s Central City is said to be worth more than R2 billion.
Of the 12 new property developments, five are in the planning phase and initiation of the remaining seven has begun.
The 12 developments were announced in CCID’s last Property Investment Update at the end of 2015, according to Carola Koblitz, the CCID Communications Manager.
“We keep tabs as far as we can on all development underway or on the cards in the Cape Town CBD. The minimum value of projects completed during 2015 was R987 million, and that of projects currently under construction is R4.571bn” says Koblitz.
According to Koblitz, “The minimum value we can currently ascribe to new projects in the planning phase is R912m, and well in excess of R1.1bn for developments at the proposal stage. We say ‘minimum value’ as we rely on information from those developers who are prepared to publicly attach a value to development; not all are willing to reveal these figures, so the eventual investment amounts will always be higher.”
A breakdown of the five new developments in planning;
A mixed-use building upgrade on 04 Loop Street, which is set to include a residential node. The project value is to be approximately R20m and is undertaken by FWJK Developments on behalf of Berk Property Holding.
The Telkom Exchange situated in lower Long Street on the Foreshore. The project is to include a mixed use building upgrade undertaken by Telkom - (value TBC).
Mike’s Sports site on the corner of Strand and Bree streets will be redeveloped by Gera Investment Trust - (value TBC).
The upgrade of The Capetonian Hotel at Pier Place on Heerengracht. The project is estimated to cost R200m and will be undertaken by Raya Hotels.
A residential extension for Urban on Bree. The project is in planning for completion in the last quarter of 2017 on behalf of Urban On - (value TBC).
Urban on Bree, a residential extension in planning for completion in the last quarter of 2017 on behalf of Urban On - (value TBC).
The seven new development proposals currently on the drawing board:
- Zero2ONE, a new development on the corner of Adderley and Strand streets, which will include a mix use development, including parking, retail, hotel and residential components.
Project development proposal: FWJK Developments - (value TBC).
Mixed use upgrade and extension to Cape Town Station in Adderley Street. The project is due for completion in mid-2019 and has an estimated value of R1.1bn.
Roggebaai Centre, a new commercial build on Christiaan Barnard Street.
Project development proposal: Ingenuity - (value TBC).
A mixed use redevelopment of Spindle, on the corner of Spin and Plein street. The proposal includes commercial, retail and residential components - (value TBC).
A mix use development of the Culemborg Quarter, between Nelson Mandela Boulevard and Christiaan Barnard Street.
The proposal is currently at artist’s impression stage - (value TBC).
- The 28-storey redevelopment on 16 Bree street, situated next to Portside.
Project development proposal: FWJK Developments - (value TBC).
- The 36-storey Goldies on Buitengracht, also situated next to Portside.
Project development proposal: FWJK Developments - (Value TBC).
The Zero2One development:
The new development Zero2One, is a proposed 42-storey building, which at 148m in height, would become the tallest building in Cape Town when topped out.
The building will be situated on the northwest corner of Strand and Adderley streets (across the road from Cape Town Station and Adderley Street’s MyCiTi station).
Zero2One will have the following features:
- 624 apartments.
- 760 parking bays.
- 6 000m² of retail space.
- Public access viewing deck with 360-degree views of the CBD.
Alongside the new Zero2One development, FWJK also has two other CBD project proposals - the redevelopment of 16 Bree Street, as well as Goldies mixed use building.
The changes Cape Town’s CBD can expect:
According to Rob Kane, Chairperson of the CCID, the most exciting aspect of the organisation’s expansion project is the spread of development across the entire footprint of the CBD.
The CBD can expect a significant transformation, ranging from a variety of new buildings being built in the Foreshore area (which will also include the new Netcare Christiaan Barnard Memorial Hospital), together with a number of refurbishments taking place on several important public buildings, such as schools, courts and museums, in the older areas of the CBD.
“Every cent spent on improvement means increased footfall into the Central City, ever-increasing amenities for all Capetonians and visitors to enjoy, and expanded all-important job and economic opportunities” says Kane.
According to Kane, “In terms of developing nodes, we have already seen how the reestablishment of businesses in the Bree Street corridor is transforming this entire street, particularly towards its lower end closer to the harbour.”
“With new developments in the Foreshore area including the opening of facilities such as the new Virgin Active gym, the on-going upgrade of the Artscape complex, new office complexes rising and new retail offerings such as the Foodlovers Market, we have no doubt that other retailers and businesses are already looking towards this area and it will be transformed within the next year or two, particularly as the V&A Waterfront develops in this direction” Says Kane.
In conjunction with the above, CCID is holding thumbs for the City’s approval on the Foreshore Freeway Precinct project. The organisation is hoping that the project’s outcome will live up to the expectations anticipated for Cape Town’s CBD, particularly with regards to offering more affordable housing, concludes Kane.
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