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Friday Sep 14, 2012

Cape CBD investment amounts to R4.6 billion in three years

Property investment in Cape Town's central city amounted to R4.6 billion in the past three years with billions more coming from upgrades, expansions and new developments in the city.

The current value of all central city property stands at R22.3 billion and this figure will be boosted by a series of new developments and upgrades to city buildings.

An outline of property investment was part of the "The State of Cape Town Central City" report commissioned by the Central City Improvement District.

The report looked at all aspects of city life such as business, safety, tourism, culture and investment.

In terms of property investment, a number of projects are under way across the central city with investments planned for the Foreshore area set to bring in R3.5bn alone.

  • One of the largest developments is the R1.6bn Portside Building between Bree, Mechau, Hans Strijdom and Buitengracht streets.

    The 32-storey building is being developed by FirstRand Bank and Old Mutual Properties and will be the tallest building in the city when it is completed in 2014.

    The development is under construction and will be the provincial headquarters of First National Bank, Rand Merchant Bank and Wesbank. Office space will also be available for corporate leasing.

  • Another substantial property investment will be the R1.4bn Cape Town Station upgrade.

    The completion date is yet to be confirmed but phase one is under construction with phase two in its planning stage. Other upgrades are:

  • The R690 million expansion of the Cape Town International Convention Centre (CTICC) is in its planning stage and will see the venue double in size. The expansion is set for completion in mid2015.

  • Atlantic Centre in Christiaan Barnard Street is being developed by Ingenuity Property Investments for R160m and will be completed early next year.

  • The R150m upgrade to Newspaper House in St George's Mall is to be completed this year.

  • The R138m Provincial Government building upgrade in Dorp Street is to be completed in July.

  • The Civic Centre upgrade is also under way, worth R32.8m.

  • The R80m development of Touchstone House on the corner of Bree and Mechau Streets is in its planning phase.

    The chairman of the Central City Improvement District, Rob Kane, said a key area for the organisation was to create a stable environment in the city to attract investment and businesses.

    "It is amazing how business and investment is coming in and we will continue to create an environment that shows people Cape Town central city is the place to be," Kane said.

    Cape Times


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