Business Day Reporter

GROWTHPOINT Property Fund is bringing the newly renamed MontClare Place to market.

This comes less than a year after acquiring the former Paramount Towers in Cape Town’s Claremont node as part of its acquisition of Paramount Property.

The R500m redevelopment is aimed at positioning MontClare as one of the “most prestigious and largest mixed-use property developments in Cape Town’s southern suburbs,” Growthpoint, the largest listed property company with a market capitalisation of more than R18bn, said.

“We immediately recognised the value of the location, and the potential which could be unlocked through strategic redevelopment,” Growthpoint CEO Norbert Sasse said.

The 35200m² project will offer a live, work and play setting when completed late next year.

Growthpoint says most available commercial space is already let with only about 1100m² of the 16000m² of offices at the development available for lease.

Source: Business Day