Paramount grows assets in Cape

Posted On Tuesday, 14 November 2006 02:00 Published by eProp Commercial Property News
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Listed property loan stock company is developing a R450m mixed-use scheme on the old Pick 'n Pay headquarters site in Claremont, Cape Town

Property-Housing-ResidentialParamount Property MD Rodney Squire-Howe said on Monday the development, which will include retail, offices and residential units, is "virtually pre-let".

"We've also had a strong interest in the residential units," said Squire-Howe.

Called Paramount Towers, the development will consist of about 60 residential units and a large retail and office component.

It will include a Virgin Active gym, as well as a new 6,000m? Pick 'n Pay concept store.

Squire-Howe said Paramount Property had acquired the site three to four years ago for R67m with the intention of redeveloping the site when the leases expired.

The site includes an existing structure, namely the old Pick 'n Pay headquarters.

Squire-Howe said the old structure was being partially retained and integrated into the new scheme.

"We have now demolished the top floor and all the existing ramps and part of the podium have been demolished," said Squire-Howe.

"We are busy starting excavations for semi-basement parking and putting in piles for the new super-structure."

He said that, in addition to the new Pick 'n Pay, there would be some service shops.

"The development is on the go already and completion is scheduled for March 2008," Squire-Howe said.

The entire development covered about 30,000m?.

The development is set to significantly boost the company's property asset base.

Squire-Howe said that Paramount Property would have assets worth close to R3bn by the end of the year.

He said the development would create about a further R400m worth of assets for Paramount.

The residential portion of the development is being marketed by joint agents Upton Properties and Pam Golding Properties.

The residential units consist of studio, one-, two- and three- bedroom apartments and 11 penthouses.

The agents said the residential units, priced from R97,5000 including VAT, would appeal to professionals.

Mick Joyce, MD of Pam Golding Properties for the Western Cape metro region, said that Claremont had "enjoyed remarkable growth over the past five years and that it should continue to do so, especially with the improvement in traffic flow that has been brought on by the construction of the ring road around the Claremont business district".

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