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Monday Jul 01, 2013

Renovated properties uplift Cape Town

Property refurbishments valued at more than R100 million will add commercial value to Cape Town's CBD to ensure the city remains a quality environment in which to do business.

Renovating is a much greener alternative to building from scratch.

Rob Kane, chairman of the Central City Improvement District (CCID) said: "Developers and property owners in the CBD, like many of their counterparts around the world, recognise the commercial importance of refurbishing buildings."

Kane said a defaced property could reduce the value of an entire street or even whole sections of a city, and the importance of maintaining and refurbishing buildings in attracting and retaining tenants could not be overstated. "Tenants want value for money, and a refurbished building can offer excellent space to a tenant at rentals that are competitive when compared with a new building."

He said Tsogo Sun, a premier gaming, hotel and entertainment group, was investing in three properties in the CBD including a R40m refurbishment to the Cullinan hotel, recently completed, and a R100m refurbishment to the Southern Sun Waterfront hotel, due for completion at the end of next year. The group will also undertake a major refurbishment of the 32-storey Southern Sun Cape Sun hotel in the next two to three years.

Michael Bagraim, chairman of the Cape Chamber of Commerce and Industry's human capital portfolio, said the chamber was proud that Cape Town was renewing itself.

"We want to publicly thank the CCID for their forward planning. Rob Kane has been unbelievably energetic, ensuring that our city has become an investment hub for the business community worldwide. Our city is safe, clean and friendly, and the CCID has ensured that we have become a centre of excellence.

Kane said The Pinnacle building in Strand Street had also been refurbished recently, with the focus on enhancing the main reception area and shared facilities such as lift lobbies and lifts.

Since its refurbishment, The Pinnacle had already renewed a number of leases including the Apache Spur, which had also undergone a major upgrade. He was confident that more businesses would follow suit as the demand for premises in the CBD rose.

"There is no doubt that refurbishing a building is a much greener alternative than building even an eco-friendly building from scratch."

Cape Argus

 
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