Brackenfell boom: R800m development plans being expanded.

Posted On Monday, 28 July 2003 02:00 Published by
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Sparkling prospects for Capegate project GRAHAM NORRIS Property Editor WHAT a difference a year makes.
Brackenfell boom: R800m development plans being expanded to keep up with phenomenal growth Sparkling prospects for Capegate project GRAHAM NORRIS Property Editor WHAT a difference a year makes. Too many shopping centres were going up in greater Cape Town while tenants were closing down in some major centres because of a lack of shoppers, critics complained last year. Jaco Odendaal and Ernst Hartwig, developers of Capegate, the R800 million mixed-use retail, office and residential precinct in Brackenfell, had to justify their reasons for developing at all. Now they are on the verge of opening phase one of their lifestyle centre, having increased its size from 7 500m2 to 9 500m2, and it is fully let. They have also increased the 36 000m2 regional shopping centre to 48 000m2 with most of its major tenants taking more space than they originally planned. They are also planning a cinema complex and an ice rink. What happened? "The numbers - population, household spending, retail turnovers - all kept looking better," said Hartwig, "and the census results released two weeks ago further back our researcher's conclusion that this part of Cape Town has steady, above-normal growth ahead of it over the next few decades," said Hartwig. "Everything seems to be going right for the Cape and its population as the local economy improves on the back of fast rising tourism, falling interest rates and a property boom. "Canal Walk is turning into a success, which will be further assured by Hyprop and Ellerine Brothers buying it," said Odendaal. "In fact, turnovers at all major centres are improving steadily. "It is the retailers who are actually forcing the pace of development. We've had to delay the completion date of our regional centre because of the size increase. "But now Pick 'n Pay are taking 4 500m2, Shoprite Checkers 4 500m2, Woolworths 3 300m2, Edgars 4 000m2, Foschini Group 2 200m2, Mr Price Group 2 200m2 and Truworths and Clicks 1 000m2 each." Development of the centre will start in September and the shops will open in March 2005. Developers launched the first residential units in June with sales well above expectations at 200 units being sold within six weeks of launch for more than R60 million. Capegate researcher, Urban Studies, says that the population immediately around the centre has increased by more than 50% from 26 000 in 1990 to about 40 000 today and promises a similar growth pattern for the years ahead. l For further information contact Jaco Odendaal on 021 930 4540.
Publisher: Weekend Argus
Source: Weekend Argus

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