New skyscraper for Cape Town
Work is scheduled to start in April on the soon-to-be tallest building in Cape Town. Old Mutual Centre and Exchange Place, on the corner of Adderley and Strand streets, were recently bought by property developer Land Equity Group, and will be redeveloped into the 44,000m2 tower. Costing R1.5bn, it will have 44 stories comprising 624 flats, 760 parking bays, retail space of 5,000m2 and a 360˚ viewing deck and restaurant at roof level. FWJK is the co-developer. It is expected to take 30 months to complete, and 60% is already sold out. Says Stuart Chait, head of Land Equity: “This building is set to transform the Cape Town city skyline and, once complete, it will mean that Cape Town finally features in the ‘top 10 tallest buildings in SA’.
“Statistics continue to show that both buyers and tenants are prepared to sacrifice bigger homes or apartments in outlying suburbs, in exchange for the convenient and urban lifestyle that the city has to offer. There are already at least a dozen new high-rise buildings in development in the CBD, with many more on the drawing board for 2017.” Land Equity is planning to invest R4bn in new developments in the City Bowl this year. Says Chait: “Buyers and investors are able to get the tax benefit of the urban development zone allowance which makes their investment highly attractive.”
Words: Genevieve Putter and Supplied