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.
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.
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 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.