South Africa‘s Herbert Penny and empowerment partner African Harvest Properties are redeveloping four buildings on Greenmarket Square in Cape Town’s inner city into a retail, parking and apartment complex.

"Construction of the R80-million project called The Decks will begin at the end of July this year and have a duration of about 15 months," says Rob Kane of Herbert Penny.

"Sketch plans have been submitted to the city council and we are doing structural and architectural design at present," he says.

"We expect to invite tenders from a number of selected companies in June."

The building will be developed on a site which includes Hardware House on Burg street, Sam Newman House and Canarvon House on Long street and the Eagle Lighting Building on Hout street.

While Sam Newman House and the historic facades of the buildings will remain intact and be restored; the interior of three of the buildings are to be demolished.

The new consolidated development will include a ground floor of 2 500 m2 of retail space, nine floors of parking comprising 370 parking bays and six floors of one and two bedroom apartments ranging in size from 45 m2 to 85 m2.

The building will have a stepped profile, giving each apartment its own terrace or "deck" of about 15 m2; some decks are 40 m2 and wrap around the apartment with mountain, sea or city views.

"Ninety percent of the 55 residential units have been sold," says Kane.

Buyers have been able to view a show flat, which was built on the top floor of the Sam Newman building in about five weeks by Gordon Verhoef and Krause and Levenbach.

Each unit will have its own parking bay and 60% of the parking bays will be sold to workers in adjacent buildings, who will have the advantage of being able to park their cars and enter their offices directly from the parking garage.

"Eagle Lighting has bought 65 % of the retail space and negotiations are underway with a number of nationals to take up the remaining space fronting Burg Street" says Kane.

The other members of the professional team which has been put in place for The Decks project are architect Quentin Miller, quantity surveyor Babbs Labdon, rational fire design Keith Fletcher, structural engineer Jeffares & Green, electrical engineer Lewis & de Kroon and project manager Mike Bradshaw.

The Cape Town Partnership says that the level of interest in investing in Cape Town’s central city continues to grow apace, with inquiries being received from South Africa and abroad.

One of the prime functions of the Partnership has been to facilitate introductions between potential investor and property owner.

This service took a step forward with the announcement of the central city’s first property portal by the Mayor of Cape Town Nomaindia Mfeketo at the opening of the South African Property Owners’ Association (Sapoa) Conference at the Cape Town International Convention Centre on May 12.

With the launch of the portal, a joint project between the Partnership and Sapoa, it will be possible for interested investors to view on-line the portfolio of commercial property available for rent or for sale in Cape Town’s central city.

"The new property portal should facilitate even greater investment interest in a central Cape Town," says Mfeketo.

"Of particular significance has been the move towards the residential conversion of many central city buildings and the upgrade and management of public space," she says.

"With an increased inner city population, the revitalisation process should achieve an exponential boost."