Commercial News

Cape Town CBD gets R2 billion worth of developments investment

Twelve new property developments worth more than R2-billion are set to transform the Cape Town CBD.

They include the construction of Zero2ONE which‚ at 148m‚ will be the tallest building in the city.

According to the Cape Town Central City Improvement District (CCID)‚ five of the 12 developments have gone into the planning phase and seven proposals have been initiated.

“Every cent spent on improvement means increased footfall into the central city‚ ever-increasing amenities for all Capetonians and visitors to enjoy‚ and expanded all-important job and economic opportunities‚” said CCID chairman Rob Kane.

“In terms of development nodes‚ we have already seen how the re-establishment of businesses in the Bree Street corridor is transforming this entire street‚ particularly towards its lower end closer to the harbour.”

CCID communications manger Carola Koblitz said the minimum value of projects completed during 2015 was R987-million.

“The minimum value we can currently ascribe to new projects in the planning phase is R912-million‚ and well in excess of R1.1-billion for developments at the proposal stage.

“We say ‘minimum value’ as we rely on information from those developers who are prepared to publicly attach a value to development; not all are willing to reveal these figures‚ so the eventual investment amounts will always be higher‚” said Koblitz.

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