Five major WCape property developments get go ahead

Posted On Tuesday, 23 November 2010 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Land Equity Investments, which is headed by property entrepreneur Stuart Chait, has opened the tap on a R1,4-billion pipeline of five commercial and residential property projects in its Cape Peninsula division

Stuart ChaitRussell Smith, CEO of the Cape Town-based company, says development of the projects – all scheduled for completion during 2011 – is going ahead in spite of the continued tight hold of the major banks on the granting of credit.

“While availability of bank funding is clearly a critical factor, we will resort to alternative lines of funding wherever we may need to,” says Smith.

The developments now going ahead are:

• The R300-million first and second phase of the “Old Match Factory’ – a business park that is evolving from the regeneration and redevelopment of the former Lion Match  factory in Observatory – for which Nedbank funding is in place. The project is a joint venture with Equity Estates in Johannesburg. The phase one tenant is in place, with a new 10-year lease over 11 500 sqm, while negotiation with the phase two tenant, for 10 000 sqm, is well under way
• Nettleton Ridge, a R350-million development of three top-end homes in an exclusive security estate below Lion’s Head in Clifton, which is being funded by Standard Bank and Sasfin Capital. Two of the three homes are already sold and construction is under way
• A R250-million redevelopment of the old Epic Oil site in Maitland into a 40 000 sqm multi-use storage facility, which is due to be launched in January 2011. The land is funded by Nedbank, with whom a loan facility for the redevelopment is being finalised, says Smith
• A R300-million joint venture with Warner projects involving the development of a 30-unit gated estate, “Nieuwe Steenberg”, which will be strategically located at the entrance to Steenberg Golf Course
• The R200-million redevelopment of 70 Prestwich Street – the former headquarters of I&J Fishing – from a 6 000 sqm office block into a 9 000 sqm mixed use development comprising retail, parking, offices, and loft apartments with magnificent views over the V&A Waterfront, the City, and Table Mountain.

Last modified on Friday, 22 November 2013 13:17

Most Popular

Pam Golding Properties achieves record price of USD13.6m for sale of luxury home in Mauritius

Mar 12, 2024
Villa sold for USD13.6m Mauritius, patio & pool
The Mauritius office of Pam Golding Properties has sold a six-bedroom, luxury beachfront…

Simplified capital structure and operational performance delivers strong 1H2024 results for Fortress Real Estate Investments

Mar 12, 2024
Cornubia Ridge LP_March 2024
Fortress Real Estate Investments delivers strong 1H2024 results: Simplified capital…

Dipula and REO’s innovative approach to tenant installation for EOH grows a sustainable furniture initiative

Mar 12, 2024
Interior EOH in Montrose Place at Waterfall Park in Midrand 3
Dipula Income Fund’s new lease with EOH for the Montrose Place at Waterfall Park in…

Please publish modules in offcanvas position.