New R60m Adderley Park centre for CBD

Posted On Thursday, 07 June 2001 03:01 Published by
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CONSTRUCTION of the first major property development in a decade in Cape Town's Adderley Street has commenced,

CONSTRUCTION of the first major property development in a decade in Cape Town's Adderley Street has commenced, and will instantly eliminate a slum situated within meters of the Houses of Parliament, as well as contribute to the upgrading of the heart of the city's CBD.
A development consortium led by developers Paul Zietsman and Errol Friedmann has acquired the 3000 square meter site from a BOE syndicate of more than 300 investors. The syndicate originally acquired the site, bounded by Adderley, Longmarket and Parliament Streets, more than 10 years ago, but their plans for a high-rise building did not materialize.
The new R 60 million Rand project, designed by architect Alan Louw of K & L Architects, comprises of an 8 storey 700 bay private parking garage, two levels of offices, retail space at ground level, and the restoration/refurbishment of five historical buildings, which were first built at the turn of the 19th century. Construction of the site has been awarded to Grinaker-LTA Limited.
Says Mr Friedmann: "Conditions on this prime site have worsened dramatically over the last year, and it is, in fact, a squalid slum within a proverbial stone's throw from Parliament. Our project has provided a solution to eliminating ugly circumstances in the area, and is providing a life-line to property owners of neighbouring buildings, whose investments have diminished markedly because of the absence of parking for tenants of their buildings."
More than 70 % of the parking bays have already been sold or long leased to corporate occupants, all of whom own or occupy office buildings close to the site, but do not have adequate parking facilities in their own buildings. Purchasers to date include multinational companies, a South African financial institution, and German and Namibian investors.
The five historical buildings will be refurbished to the requirements of tenants, and may be leased or individually sold under sectional title.
Adderley Park is scheduled for completion in mid 2002. However, the first 200 parking bays will be ready at the end of this year.
The development of Adderley Park will make an important contribution to the improvement of the top-end of Adderley Street, in that it is an area which has been crime-infested in the past. The city center of Cape Town suffers a chronic shortage of parking bays, and therefore the additional supply of 700 private bays will be excellent news for companies based in the center of the city that require high security parking.
"We are very excited about Adderley Park, and the contribution it will make to the businesses of Cape Town. We fully support The Cape Town Partnership in cleaning up the city centre, and see this as an important stimulus to businesses to move back into the city center. With safe parking available to staff close to work, it makes it easier for businesses to stay in the city center, or to consider moving back of the city, and echoes the move by Pick 'n Pay and Nedcor Limited to develop in the city center. " concluded Peter Holland, Director of Atprop Holland, the company appointed to handle the leasing and sales of the new office space, retail space and private parking bays.


Publisher: Cape Business News
Source: Cape Business News

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