Cape Argus January 22, 2005

By Graham Norris

The Medical Centre, a Foreshore landmark since 1957, is to be converted into a four-star hotel and luxury apartments in a R100 million makeover.

Fountain Suites & Apartments, as the revamped property will be called, is a sole venture of the Leisure Development Group, which has developed a number of similar CBD buildings.

The group celebrated the first occupation of a city centre conversion last year with the completion of Perspectives in Roeland Street, in which all 174 units were sold off-plan within months of the launch date.

Situated on the corner of Heerengracht and Hans Strijdom Avenue, Fountain Suites & Apartments will have ample parking on the basement, first and second floors of the building.

Mike Smith of the Leisure Development Group said the ground floor would accommodate the hotel reception area, a gymnasium and swimming pool.

The 160 rooms of the four-star hotel will be on floors three to six and the four floors above that will each have 15 luxury lifestyle apartments ranging from studios to one-, two- and three-bedroom flats.

All apartments will have top of the range finishes, granite-top gourmet kitchens and bathrooms as a standard feature.

Ten penthouses will be built on a new level on top of the building. In total there will be 70 apartments on offer above the hotel, of which an estimated 35% have been pre-sold. The apartments are being sold off-plan on a sectional title scheme.

Prices, which include VAT, range from R784 000 for bachelor flats, R899 000 for one bedroom units, R1.3m for two bedrooms, and the penthouses are priced from R1.7m to R2.4m.

Each apartment has secure parking available from R60 000 per bay. A 10% deposit is payable upon signature, with the balance only due upon completion and transfer, which is expected to be from November this year.

The upmarket eateries, museums, Victoria & Alfred Waterfront and the International Convention Centre within easy reach of the city centre are clear signs of strong confidence in the area, say the developers.

The architect for the Fountain Suites project is Derick Henstra of dhk Architects, who has been involved in several other city centre developments including the R500m Mandela Rhodes Place and the Icon development on the Foreshore.

Homenet Realty 2000's Dawn Spargo is the appointed agent responsible for the sale of this new development.

Spargo says buyers will have the option of putting the apartment in a controlled rental pool, which will be attractive to holidaymakers.

"Although there are a lot of new apartments coming on to the market in the city centre, which could make it difficult to find suitable tenants, the four-star hotel as well as the high standards of technology, access to a gymnasium and swimming pool, and a 24-hour concierge will offer holiday letting in the busy Cape Town
season."

The unveiling of this new project will take place tomorrow from 2pm till 5pm at the building. For further information contact the Homenet sales office on 021 426 2333.