GRAHAM NORRIS
Property Editor

A CONSORTIUM of Cape Town property developers, headed by Spearhead Property Holdings and Faircape, this week launched a R130 million "urban living" complex in lower Gardens - and are confident that they will be sold out by the end of the December holidays.

Wembley Square, as the new development is called, will be seven storeys high and will be bounded by Wembley, McKenzie and Solan Streets, below Mill Street.

Industrial buildings on the site, including the Dals Auto Panel workshop, will be demolished.

A little used servitude on one side will be upgraded into a paved pedestrian mall in which there will be coffee shops, restaurants and boutique retail outlets.

The development will be a boost for the rejuvenation of the "east city", which has not yet received the same level of investment as the western side of the CBD.

The complex will have 177 apartments in all. These will vary in size from single-bedroom bachelor units (45m2) to ultra-luxurious 185 m2 penthouse suites on the top floor with large patio areas.

The ground floor level will comprise of loft units and there will be numerous two-bedroom apartments as it is expected that the demand for these will be strong. Anthony Wolpert, development manager at Spearhead, said that work will start in the new year and the first handovers are planned for December 2004. "This will be the ultimate in City Bowl/inner-city living," he said.

"In addition to the wide range of coffee shops and boutique retail outlets we will have a gymnasium, a large grassed piazza, a 20m-training pool and a sundeck entertainment area. The vibe will be cosmopolitan and relaxed.
Those living here should get a great deal of fun out of doing so." Apartments will be priced from R459 000 to R2.75 million. All will have basement parking and there will be ample parking for visitors. Security will be well provided for and access to the building will be well monitored. The architects for this new project are Peerutin Architects, a two-brother team which has already made a name for itself on other City Bowl residential developments.

Peerutin Architects have opted for an industrial chic look with extensive use of brickwork, steel and glass. "This will be by far the most distinguished building in its precinct," said Wolpert, "and as all the surrounding buildings are low rise, residents will be able to enjoy views of Table Mountain, Devil's Peak, Lion's Head and Table Bay.

They will also, of course, have quick, direct access to the freeway network and will be within walking distance of the CBD." The entire area, said Mike Flax, CEO of Spearhead, is up and coming and is rapidly gaining a good name for itself.

"What distinguishes our development from so many others is that we will be knocking down entirely the structures currently on the site - and will be building a brand new building. This is not, therefore, a makeover of existing out-of-date buildings. The new complex, I believe will have a distinction that will be instantly recognisable."

The launch took place on Thursday and by 9pm 135 units had been signed for. Selling agents for the project is Faircape who can be contacted at telephone number 021 447 5778