"We immediately recognized the value of the location, and the potential which could be unlocked through a strategic redevelopment," explains Growthpoint Properties Limited CEO Norbert Sasse, pointing to MontClare Place's superb position at the corner of Campground and Main Roads, the gateway into Claremont's busy business district.

Growthpoint has had an appetite for acquisition this year and currently owns about R22 billion of quality properties in prime locations. Growthpoint is the largest JSE-listed property company in South Africa with a market capitalisation of more than R18 billion and a diversified portfolio of 419 properties country-wide. This hands-on property owner undertakes the asset management and property management of its premium portfolio of buildings.

The R500-million redevelopment is designed to position MontClare Place as one of the most prestigious and largest mixed-use property developments in Cape Town's southern suburbs.

Currently under construction, the 35,200m2 project will offer a true combination of spaces for people to live, work and play when construction is completed in late 2008, explains Sasse.

As testament to the appeal of the mixed-use design, much of the available commercial space is let.

There is only about 1,100m2 of the 16,000m2 of premier-grade offices at the development available for lease. Tenants include blue-chip heavyweights that set the tone for the whole project: Coronation Asset Management, Citadel Investment Services, Kagiso Asset Management and Riscurra Solutions. Virgin Active will take up 2,000m2 for its South African head office, as well as occupying 4,500m2 as a gym.

"The Cape Town offices of Growthpoint Properties will also be moving into MontClare Place in August next year," adds Sasse.

The anchor retail tenant is Pick 'n Pay, which will be launching their first new-concept store in early 2008. At 6,300m2, the store will take up almost half the development's 12,600m2 retail component.

And it's not just the commercial space that's being snapped up by eager occupiers.

 "The residential units are selling as fast as the office and retail space is leasing," reports Sasse.
The residential component of 62 apartments, covering almost 6,300m2, is already 70% sold even though the development is only scheduled for completion in a year's time.

MontClare Place is poised to enjoy some additional benefits from revitalization initiatives in central Claremont node.

The development's timing dovetails with extensive public infrastructure improvements currently underway in the wider Claremont business node.

There are also proposals in place for urban renewal initiatives, driven by Claremont Central improvement district. The proposals are expected to encourage more pedestrianisation, a greater focus on landscaping, and the creation of more appealing urban spaces.