CBD boom spreads to neighbouring areas.

Posted On Monday, 07 July 2003 02:00 Published by eProp Commercial Property News
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THE resurgence of investor interest in the Cape Town central business district has contributed to a growing demand for diverse space in the areas immediately adjoining the CBD and indications are that this will continue on an upward trend.

Michael FarrGreen Point and Oranje-Kloof, especially, are reaping the rewards of increasing levels of investment since both areas introduced their own city improvement districts (CIDs). Both of these CIDs are managed by the Cape Town Partnership, with Green Point having started in July 2001 and Oranje-Kloof in February 2002. Outgoing Cape Town Partnership CEO Michael Farr said it was clear that the benefits of a safer, cleaner environment were now becoming more and more apparent. "Investor interest in the CBD has grown sharply since the formation of the Partnership in mid-1999 and the introduction of the CID in November 2000, with the cumulative value of projects completed, planned or under way now having reached about R11.5 billion. "With the introduction of CIDs in both Green Point and Oranje-Kloof, we knew it was only a matter of time until the twin effects of the CBD's spin-off, taken together with the cleaner and safer environments, would start resulting in increased interest in these key peripheral areas," said Farr. "More pleasingly, many - if not most - of these refurbishments and upgrades have a commercial, retail and residential mix, which is particularly good in respect of overall urban renewal." Some of the investments in the Green Point area include: l Weylandts Home Store in Alfred Street, which is an upmarket standalone furnishings development. l Harbour-edge development (CBD/Green Point border) of 81 sectional title residential units, as well as shops, a restaurant and a coffee bar. l Somerset Square on Waterkant and Highfield streets. Redevelopment of old warehouses into commercial/retail facilities. l Somerset Square in Somerset Road. Redevelopment of old factory for retail/commercial use in addition to the provision of 150 undercover parking bays. Cell C head office is a tenant. l The Foundry on Prestwich and Ebenezer roads. Extension of existing retail/commercial development. About 2 000m2 and 150 parking bays. R20m investment. Saatchi and Saatchi, Hunt Lascaris, Beluga Restaurant, Saeco are among the tenants. l Hill House on Somerset and De Smit streets. Redevelopment of existing building into commercial/retail with undercover parking. Valued at about R40m. l Old Eagle Electric Building in Somerset Road. R25m redevelopment of existing building adjoining Hill House into commercial/retail space. Boardman's is an anchor tenant. l De Waterkant Centre on Somerset Road. Complete R35m revamp of existing site into commercial/retail with undercover parking. Tenants include BBDO Spencer Stuart. l Cape Quarter on Waterkant Street. Complete revamp of existing site into commercial/retail with parking facilities. Fully let. l Old Fat Boys building/Napier Street House, Prestwich Place on Alfred and Napier streets. Complete R100m revamp of existing site into commercial/retail/residential (56 sectional title units) with undercover parking. l Berco House on Waterkant/De Smit. R40m conversion of existing commercial building into a sectional title residential site (25 units). l City Lodge on Alfred Street. R5m upgrade of existing hotel. In Oranje-Kloof (the bottom end of Tamboerskloof and Kloof Street), the picture is also an encouraging one. Some of the larger projects include: l 99 Kloof. Alterations and redevelopment involving commercial and retail. R3m. l 155 Kloof (Summit House). Redevelopment of existing building for commercial and retail. R2m. l Rheede Street. R3m upgrade of existing commercial and retail, about 3000m2.

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