Foreshore - future development focus

Posted On Monday, 20 August 2001 03:01 Published by
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THE potential for successful development on the Cape Town Foreshore will, over the coming year, be at an all time high, says Keith Miller, Area Director of Group Five Building South.

THE potential for successful development on the Cape Town Foreshore will, over the coming year, be at an all time high, says Keith Miller, Area Director of Group Five Building South.
"It appears that the investing sector in South Africa has not as yet really woken to the fact that the Foreshore is set to become the new heart of Cape Town," said Miller. "What is more, it seems likely that it will, from the outset, avoid most of the traffic congestion, parking and other problems that have reduced the appeal of the traditional CBD."
The new Convention Centre, the Exhibition Centre, the canal itself and the parking space in the extended middle-lane freeways (if and when these are built) will, said Miller, be the magnet for large-scale, long-overdue development throughout the Foreshore precinct.
This, he said, could include 150 000m2 of new offices, at least two further hotels and a host of entertainment and restaurant facilities.
"Any development along the canal," added Miller, "is bound to be a winner and the developers who have not yet awoken to this should do so.
"What we are witnessing is a revival of Cape Town's appeal and an extension of the highly successful V&A Waterfront towards the city. All the indicators are that the high standard achieved on the Foreshore, with the Investec building, the Holiday Inn and the Cullinan Hotel, will be maintained in this precinct and the result, I believe, is that there will be no possibility of the Cape Town CBD being surrendered in Third World fashion, as has happened in Johannesburg."
Group Five Building South, he said, is involved in discussions regarding at least two buildings on the Foreshore, and if these go ahead, the developers will be getting in "on the ground floor" with prices that are unlikely to be repeated. This, he said, is because, although one or two major contractors have comfortable order books, many of the others are downscaling their Cape operations.
"We are all pricing exceptionally competitively at present," said Miller, "and with interest rates at their present levels, we have, time and again, been able to show developers that the viabilities of their projects can be substantially improved. I personally would like to see more Gauteng operators moving into this area. There is no doubt that three to four years down the line, the Foreshore will be the 'in' place for South Africa's business, commerce, tourism and conferencing."

Publisher: Cape Business News
Source: Cape Business News

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