(Cape Town, 20 May 2005)  Claremont’s CBD is riding the crest of a revitalization wave and as a result is being transformed into a vibrant mixed-use precinct.

RMB Properties (part of the FirstRand Group of Companies) has long been involved in this prestigious southern suburb of Cape Town and its commissioning of the re-development of the well known First National Bank complex which abuts Main Road and Stanhope Bridge is an integral part of this resurgence of investment interest in Claremont.

Recent major developments or residential conversions in the Claremont CBD include the Claremont Library Site, Stadium on Main, The Claremont, Seven Miles South, Intaba, and the Cavendish Square/Link/Dreyer Street project.

As and where a situation demands, RMB Properties operate with other industry professionals and their new Stanhope Square development is but the latest example of this.

The abovementioned projects, together with RMB Properties’ Stanhope Square development will see some R 1,024-billion having been invested to revitalize Claremont’s valuable commercial core.

According to Rob Addison RMBP’s Development Manager: “The site is a key one, located as it is between the old and new Stanhope Roads, and our
R 52-million Stanhope Square project will develop a mixed-use facility around and above the existing FNB building.”

“Stanhope Square comprises the refurbishment of and alterations to the FNB Building and the construction of a full-service BMW dealership for Auric Auto. In addition, retail and office opportunities will be added between the existing FNB Building and the new Auric Auto facility.”

Auric Auto will merge its two existing BMW facilities into its customized new premises in Stanhope Square. Their new BMW dealership will boast a double-volume glazed showroom drum, which will optimize the high visibility of its corner location, and an Autoquip Fitment Centre. The Auric Auto component will have its own basement parking area and circulation. 

The total rentable area of the Stanhope Square complex on completion will amount to 6406m².All the space has been leased save for an office suite of 506m² with mountain facing views.

Says Eric Scoble, Managing Director of Auric Auto BMW: “With the building of a R26-million state-of-the-art dealership at Stanhope Square, we are displaying our faith in both the BMW brand and also in the future of Claremont. Once opened in February 2006, Auric Auto will be able to fulfill all the sales and service needs of our valued Southern Suburbs customers, with unparalleled excellence.”

In line with the BMW specification, Stanhope Square will have a clean contemporary appearance, with the refurbishment of the FNB component matching in elements and colour, but with a more detailed smaller-scale façade articulation appropriate to office and retail use.

Stanhope Square will also boast ample parking space for its office tenants and this exciting RMBP development will in effect, become the Southern Gateway to Claremont.

ENDS

For more information please contact:

Rob Addison                         RMBP                                     (021) 410 1160

Glynis Abrahams                   Isithombe                               (021) 426 1233