Cape Town: - CBD - Leader in Infrastructural and commercial growth
Cape Town’s CBD is at the forefront of this growth, with R8 billion ear-marked for construction over the next five years, giving the mother city the edge over other metros.
This growth expands to a total of 14 commercial buildings which are zoned for either expansion, construction or renovation, whilst a further five developments are in planning phase.
To supplement this, Investments into new developments have soared with an additional R1.9 billion set aside for further construction within the CBD. Property values have quadrupled since 10 years ago and is now worth an estimated R24 billion.
Report indicates investor confidence and business satisfaction
In Mid-April, the fourth State of Cape Town Central City Report was released, which reviews last year’s developments in the inner city. This report is an initiative of the Central City Improvement District (CCID) and indicated that the CBD is continues to grow with investor confidence.
This positive trend is the result of both the public and private sectors collaborating successfully to continuously develop buildings and infrastructure.
In monetary terms, new developments underway from the private sector account for R1.76 billion and from the public sector, a total of R122 million- most of which are upgrades to existing government buildings.
The report consisted of online business surveys with 86 percent of businesses, stating they would continue doing business in the CBD. Thirty percent of whom were planning on expanding operation in the central city.
Current Construction Underway
Commercial construction underway includes: The Speaker’s Corner for office and retail space, KPMG office and retail space worth R400 million, offices and retail space at the Twinell Building worth R120 million and the refurbishment of Wesbank House on Long Street.
Speaker’s Corner will be constructed into an office space consisting of four floors with a total of 15 offices, fully furnished with a rooftop bar terrace. Premium services will be the order of the day with a hotel-style concierge facility offered to tenants. The 3000sqm development by Urban Lime was previously a warehouse, but will now offer a restaurant, bar, specialist retail stores and office space. Its name roots from its close proximity to Parliament.
The next development currently under construction will house KPMG A grade offices. Located at the gateway of the Cape Town CBD in Foreshore, the R400 million mixed-use tower will become the beacon for green city development. KPMG will take up 7000sqm of the total 19000sqm of mixed-use development.
Of the R8 billion being injected into Cape Town’s CBD, the Foreshore area has seen a phenomenal R2.1 billion poured into commercial construction- while more than R3 billion will be completed by 2016 and 2017. Another building under construction in the area includes Touchstone House which underwent a R250 million construction and was completed in October of last year.
Quoin Online brings you a total of 11 properties in the centre of Cape Town’s CBD, where business thrives and employee satisfaction is guaranteed. Offices are A grade and available to rent immediately and come with the best security and facilities to carry out everyday business functions.
Author: Quoin Online