CAPE TOWN Three historical Cape Town buildings in Adderley Street, bought for a bargain price of R1,7m in October 2001, are to be revamped into a new boutique hotel .
The resale of the 28 apartments, on 1700m² prime land close to Parliament, and furnished to four-star standards, is expected to realise about R21m, says developer Mark Tuckwell.
The development, known as The Adderley, is the latest in a spate of acquisitions that is expected to revitalise the inner city and inject millions into the city's economy .
Tuckwell, who agrees the buy was a bargain, said one of the drawcards for him was that the buildings were attached to a new car park "in a city where parking is a nightmare".
Investors in the scheme can buy apartments, which will sell as sectional title units, for between R500000 and R1m for an average 59m² .
Two of the buildings, the Pearne and Fabian, will have their ceramic and granite facades restored, while all three, including the Guardian Life building, will have their interiors rebuilt completely to house a luxury boutique hotel.
Jul 08 2003 08:06:23:000AM Chris van Gass Business Day 1st Edition
Publisher: Business Day
Source: Chris van Gass
Hotel to emerge from historical Cape buildings.
Posted On Wednesday, 09 July 2003 02:00 Published by eProperty News
CAPE TOWN Three historical Cape Town buildings in Adderley Street, bought for a bargain price of R1,7m in October 2001, are to be revamped into a new boutique hotel .
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