Construction resumes on Old Cape Quarter Development

Posted On Wednesday, 22 July 2020 21:34 Published by
Rate this item
(0 votes)

Following the required pause during lockdown, construction has once again resumed on the Old Cape Quarter luxury mixed-use development, located at the popular Cape Quarter Precinct in De Waterkant.

Old_Cape_Quarter

When completed in September 2021, Old Cape Quarter (previously known as Cape Quarter Piazza) will consist of 55 apartments – made up of 22 one bedroom and 31 two bedroom apartments, as well as two penthouse suites, each featuring three bedrooms, a private swimming pool and roof-top garden.  Old Cape Quarter also consists of 1621m2 of commercial space and 3664m2 of retail space. 

“Framed by Dixon, Waterkant and Hudson Street, Old Cape Quarter will cradle the existing retail and commercial floors of the Piazza, adding an additional four residential floors,” explains Marc Edwards, CEO of Tower Property Fund, who are the owners of the building.

Tower recently sold two buildings from its Croatian portfolio, strengthening its balance sheet and having additional funds available for Old Cape Quarter.    With the sales, Tower aims to reduce its loan to value across the board, and particularly reduce euro debt secured against its South African portfolio.

“We initially broke ground on the development in June 2019 and several units sold quickly, with record prices for the area indicating the quality and desirability of this development,” says Edwards.  “Given the implications of the Covid-19 pandemic on the property sector, Tower are reviewing the pricing structure on the apartments going forward.”

Old Cape Quarter forms part of the trendy and vibrant De Waterkant Village, with its European influence, cobbled streets and sidewalk cafe’s, and is also part of the Cape Quarter Precinct.  The Cape Quarter is a landmark development in De Waterkant, and one which continues to evolve, taking shape into one of the most iconic and desirable mixed used centres in the City drawing both local and overseas visitors alike.

“We are pleased to have been able to resume construction on this flagship building which will take the historical De Waterkant area to the next level.  De Waterkant continues to attract buyers, both those looking for buy-to-live properties and those looking for an investment property with good future returns.  The area is one of the trendiest in the Mother city, with its stylish historical buildings, fashionable shops, and vibrant restaurants, all situated close to the V&A Waterfront, Cape Town Stadium, Cape Town Convention Centre, CBD, Table Mountain and famous beaches,” concludes Edwards.

Last modified on Wednesday, 22 July 2020 21:56

Most Popular

Redefine Properties appoints Diane Radley to board of directors

Jul 21, 2020
Diane_Radley
JSE-listed diversified Real Estate Investment Trust Redefine Properties (JSE: RDF) has…

Another interest rate cut makes it the ideal time to buy, rather than rent

Jul 23, 2020
Carl Coetzee CEO of BetterBond
With the interest rate at its lowest in decades, after the welcome announcement today of…

Lower house prices in the Western Cape behind renewed interest from first-home-buyers

Jul 16, 2020
Carl Coetzee CEO of BetterBond
Property in the Western Cape is regarded by many as among the most expensive in the…

Lockdown and low interest rates drive huge growth in home loan applications

Jul 17, 2020
oobarometer Q2 2020
The second quarter of 2020 (Q2 20) commenced with two months of lockdown for the real…

Fairvest Property Holdings disposes of Tokai Junction for R180 million

Jul 14, 2020
Tokai
Fairvest Property Holdings Limited (“Fairvest”) today announced the finalisation of the…

Please publish modules in offcanvas position.