(Cape Town, Friday 21 April 2006)  It has been a year since the first sod was turned on the construction site of The Claremont Apartments, the R280-million landmark residential development in Claremont’s CBD.  The developers report that the 20-month construction programme is on schedule and progressing well, with expectations being exceeded on a number of levels.

The development, which is a partnership between the Foodprop Group of Companies and Zwelinzima Property Developers, was labelled as one of the most significant BEE equity deals in the Western Cape property market when the development was announced a year ago.  

“Although The Claremont is not the first development in Claremont’s Main Road Precinct to address urban regeneration,” says Clive Lurie of Zwelinzima Property Developers, “it is the first to have a strong residential component aimed at drawing people back to live in the area.  Since launching The Claremont, a number of other developments have been initiated, resulting in massive confidence in the CBD.”

Commenting on the construction programme, Russell McAdam, Project Manager at Lurie & Associates, says the structural work on all four towers is on track and should be concluded by mid-May.  “The principal contractor is now 12 months into the building programme and there are presently 650 staff on-site.  We expect this figure to peak at around 800 during July 2006.

“The first section of the development scheduled for completion will be Towers D and C.  The second section of the development, consisting of Tower Blocks A, B and the retail component is scheduled for completion by early December, when occupation and transfers will take place,” McAdam concluded.

The Claremont consists of four separate residential towers with either 8 or 9 levels each, offering a total of 322 apartments, in excess of 520 undercover parking bays and store rooms in a double level parking basement.  Prime retail opportunities are also included in the development.

LA Parker of the Foodprop Group of Companies adds that The Claremont is improving Claremont’s desirability as a location from a commercial, retail and residential perspective.

“It’s gratifying to see how the public and residents of Claremont have bought into our vision of creating a vibrant CBD.  All-round, the feedback from neighbours, investors, the public and the business community on the development has been overwhelmingly positive and has exceeded our most optimistic expectations.

“The response to the scheme has been exceptionally positive and purchasers have been attracted by a number of factors,” says Brenda Dickinson of Brenda Dickinson & Associates.  “The location of The Claremont is wonderfully central and close to all shopping amenities, schools, the university as well as the major sport stadia.  The apartments offer panoramic views from almost every angle and boast contemporary quality finishes.” 

Of the 322 apartments, only a few two-bedroom and three-bedroom apartments remain unsold.  The unit purchase prices include parking bays, VAT and transfer fees. 

The retail opportunities consist of four prime spaces at the front of the building on either side of the main entrance.  This area covers 450m2 and includes outside terraces.  Great interest has been expressed in these shops with negotiations to lease currently underway. The shops are being let at R130/m2 or alternatively for sale at R17,500/m2.

“The response from coffee bars, restaurants, sushi bars and deli’s to these premises has been very positive,” says Dudley Annenberg of Annenberg Real Estate.  “Prospective tenants clearly realise that they will have a large residential market on their doorstep.  Coupled with the café-chic feel of patrons sitting at tables on the terraces above Main Road, The Claremont will also be an attraction to shoppers and people working in the area.”

Smaller retail units are located along Draper and Stegmann Road sides of The Claremont and have also proved popular.  In addition, other smaller units face onto Draper Square.  These are ideally suited to small service industry retailers like laundromats and hairdressers that complement the modern living lifestyle of both residents and shoppers in the area.  Rentals on these units start in the region of R50/m² with selling prices from R10,000/m².

Claremont, which is widely regarded as the southern suburbs’ traditional prime commercial node, has since the inception of the Claremont Improvement District Company (CIDC) in 2000 reversed the previous trend of 'crime and grime'.  The knock-on effect of the CIDC’s efforts has resulted in large scale upgrades, increased public confidence and has attracted a growing number of property investments to the area.  According to Anthony Davies, executive manager of the CIDC, The Claremont is of immense significance to their future vision for Claremont. 

“With between 800 and 1,000 additional residents expected to be living in the heart of Claremont over the next year, we commend the developers of The Claremont in having the vision to see the exciting changes that this will bring to the urban lifestyle of our CBD.” says Davies.

With the imminent construction of Phase 1 of the Claremont Boulevard Project, which will ultimately comprise a R22-million relief road and a R24-million public transport interchange, Davies adds that the CIDC is ready to move into new initiatives to further improve the urban environment of Claremont.

“We are putting plans in place to make major improvements to the pavements of the Main Road, including facilities like additional street lighting and street furniture. 

“A very exciting development is the CIDC’s Four Squares Policy which will see the upgrading of Newry Square, Draper Square - which is bounded by The Claremont and Stegmann Roads - , Warwick Square and Dreyer Square.  This forms part of our plan to bring about significant improvements to the public spaces of the Claremont CBD and to facilitate pedestrian-friendly pavements, walkways and open public spaces,” Davies concluded.

For sales enquiries, contact Brenda Dickinson of Brenda Dickinson & Associates on (021) 6-711-711 or 083-270-7491.  Parties interested in the retail opportunities at The Claremont should contact Ian Roper at Annenberg Real Estate on (021) 465-7780 or 082-801-6272.

THE CLAREMONT CONSTRUCTION SNIPPETS

• The Claremont occupies a whole city block in the heart of the Claremont CBD
• The site on which The Claremont is being developed measures 7,500m2
• The building is underpinned by 560 high-strength piles
• The development provides parking for over 520 cars on two levels covering an area of 15,000m2 which is about three times the size of the Newlands Stadium rugby field
• More than 1,500 cubic meters of reinforced concrete has been used in the foundations with an additional 13,200 cubic metres in the structure itself.
• Once complete the project will have used over 1,260 tonnes of steel reinforcement
• Over 3.5-million bricks will be used to complete the development
• More than 50,000 litres of paint will be used

ENDS

ISSUED BY:               
The Phoenix Partnership
ON BEHALF OF:            
The Claremont Sectional Title Apartments

MORE INFORMATION:        
Dominique Coetzee, The Phoenix Partnership
(021) 422 2541 or 082 802 8184

or

Liezl Julius, The Phoenix Partnership
(021) 422 2541 or 072 511 1592
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